Fincorp’s 60 year old investors hit the wall
The retirement savings of thousands of Australians are at risk after the Fincorp Group has gone into administration, owing investors around $200 million.
As reported in The Australian this week the corporate recovery firm Korda-Mentha confirmed that Fincorp, which had been struggling under
heavy inter-company debt loads and negative cashflow, had been placed in administration.
Mr.Mark Korda said that various of his firm’s partners had been appointed as administrators over all the Fincorp companies. “We will do
a review of the position during the week and there will be a creditors’
meeting on Friday”, Mr.Korda said.
Fincorp, which raised money from investors to put into property
developments around Australia, has around 8,000 investors with an
average age of 60.
