Linchpin Capital Group Limited

Case studies

Linchpin Capital Group Limited and Investport Income Opportunity Fund

Insolvency case information

Appointment Details

Appointment type:

Liquidation

Appointment date:

15 March 2019

ACN: 

Linchpin Capital Group Limited (In Liquidation)
ACN 163 992 961

Linchpin Capital Group Limited as trustee of the Investport Income Opportunity Fund (The Unregistered Scheme) (In Liquidation)

Endeavour Securities (Australia) Limited (In Liquidation)
ACN 079 988 819

Endeavour Securities (Australia) Limited as responsible entity of the Investport Income Opportunity Fund (The Registered Scheme) (In Liquidation)
ARSN 121 875 009

Appointee(s):

David Orr and Jason Tracy

Office:

Sydney

Enquiries:

General enquiries
For Linchpin and the Unregistered Scheme:
linchpin@deloitte.com.au
For Endeavour and the Registered Scheme:
endeavour@deloitte.com.au

Media enquiries
Simon Rushton
Tel: +61 2 9322 5562
Email

URL:

www.deloitte.com/au/linchpincapital

Related Links

ASIC
Insolvency information sheets

Help for workers who have recently lost their jobs
Job Services Australia publication

Taking care of yourself after retrenchment or financial loss
Beyond Blue publication

Background

David Orr and Jason Tracy were appointed Receivers and Managers (Receivers) of the property of Linchpin Capital Group Limited on 7 August 2018 pursuant to Orders made by the Federal Court of Australia, Queensland Registry on the same date, in proceeding matter QUD439 of 2018.

David Orr and Jason Tracy were appointed Receivers and Managers (Receivers) of the property of Investport Income Opportunity Fund on 7 August 2018 pursuant to Orders made by the Federal Court of Australia, Queensland Registry on the same date, in proceeding matter QUD439 of 2018.

Notice of former Receiver and Managers’ Remuneration

Take Notice that the former receivers and managers appointed on 7 August 2018 and subsequently appointed liquidators on 15 March 2019 by the Federal Court of Australia (Court), applied to the Court for orders fixing their remuneration and expenses for acting as receivers and managers in the following amounts:

(a) $59,259 plus GST, comprised of $59,009 plus GST for remuneration and $250 for internal disbursements (expenses) plus GST, for the period 25 September 2018 to 15 March 2019, to be paid from the property of the Company in its own right;

(b) $164,844.50 plus GST for remuneration for the period 25 September 2018 to 15 March 2019, to be paid from the property of the Company as trustee of the Investport Income Opportunity Fund (unregistered scheme); and

(c) $116,645.50 plus GST for remuneration for the period 25 September 2019 to 15 March 2019 to be paid from the registered scheme property.

On 13 December 2019, the former Receivers and Managers' application to the Federal Court of Australia for orders fixing their remuneration and expenses for the period 25 September 2018 to 15 March 2019 was heard by Justice Derrington. His Honour made orders as follows:

THE ORDER OF THE COURT IS THAT:

1. The application to fix the remuneration of the receivers and managers (Applicants) be set down forhearing on 30 January 2020 at 9:30am.

2. By no later than 4pm on 16 December 2019, the Liquidators notify the creditors, members or the unitholders (as the case may be) of these orders by means of:

(a) publishing the orders in a prominent place on the website: https://www2.deloitte.com/au/en/pages/finance/articles/linchpin-capital-group.html

(b) a circular to be sent by email transmission to creditors, members or unitholders (as the case may be) for whom the Applicants have a current email address; and

(c) a circular be sent by ordinary post to creditors, members or unitholders (as the case may be) for whom the Applicants only have a postal address.

3.  Any person wishing to be heard at the hearing of the application will file and serve any affidavit, including any expert evidence, upon which they intend to rely by 4pm on 24 January 2020 with such material identifying any costs of the former receivers and managers which are the subject of any objection and the basis for each objection.

4. By 4pm on 23 January 2020, the applicant file written submissions that it intends to rely upon with a copy to be placed on a prominent place on the website referred to in paragraph 2(a) above.

Please direct any enquiries related to the above by email to linchpin@deloitte.com.au.

Receivers and Managers appointed as Liquidators

On 15 March 2019, the following orders were made by Justice Derrington in the Federal Court of Australia:

1. Linchpin Capital Group Limited be wound up pursuant to section 461(1)(k) of the Corporations Act 2001 (the Act) and that Jason Tracy and David Orr (Liquidators) of Deloitte be appointed as joint and several liquidators.

2. Linchpin Capital Group Limited as trustee of the Investport Income Opportunity Fund (The Unregistered Scheme) be wound up pursuant to section 601EE(2) of the Act, and pursuant to section 601EE(2) of the Act the Liquidators be appointed to be take responsibility for ensuring:

(a) That the Unregistered Scheme is wound up in accordance with its Constitution and subject to these orders; and

(b) The Unregistered Scheme be wound up as if:

(i) the Unregistered Scheme were a corporation; and

(ii) the provisions of parts 5.4B, 5.6 and 5.7B of the Act applied to the winding up

3. Endeavour Securities (Australia) Limited be wound up pursuant to section 461(1)(k) of the Corporations Act 2001 (the Act) and Jason Tracy and David Orr of Deloitte (Liquidators) be appointed as joint and several liquidators.

4. Endeavour Securities (Australia) Limited as responsible entity of the Investport Income Opportunity Fund (The Registered Scheme) be wound up pursuant to section 601ND(1)(a) of the Act, and pursuant to section 601NF(1) of the Act the Liquidators be appointed to be take responsibility for ensuring:

(a) That the Registered Scheme is wound up in accordance with its Constitution and subject to these orders; and

(b) Pursuant to section 601NF(2) of the Act, the Registered Scheme be wound up as if:

(i) the Registered Scheme were a corporation; and

(ii) the provisions of parts 5.4B, 5.6 and 5.7B of the Act applied to the winding up.

The Liquidators HAVE NOT been appointed to any additional subsidiaries or funds related to Linchpin Capital Group Limited or Endeavour Securities (Australia) Limited including the following:

  • Beacon Financial Group Pty Ltd
  • ISARF Pty Ltd
  • The Financial Link Group Pty Ltd
  • Generational Pty Ltd
  • Interactive Mortgage & Finance Pty Ltd
  • Investport Pty Ltd
  • CCS Operations Pty Ltd
  • PE Capital Master Fund ARSN 117 940 099
  •  Beacon Property Portfolio Services Pty Ltd
  • PE Capital Monthly Yield Fund ARSN 103 557 900
  • Risk and Investment Advisors Australia Pty Ltd
  • Grove Financial Services Pty Ltd
  • CPG Research & Advisory Pty Ltd
  • Grove Portfolio Services Pty Ltd
  • Northern Australian Agricultural Group Limited
  • Libertas Financial Planning Pty Ltd

                                                                                           (former subsidiary of Beacon Financial Group)

A copy of the orders dated 15 March 2019 are available to view or download below under the heading ‘Related Documents’.

For any enquiries regarding Linchpin Capital Group Limited and/or the Unregistered Scheme please email direct to linchpin@deloitte.com.au.

For any enquiries regarding Endeavour Securities (Australia) Limited and/or the Registered Scheme please email direct to endeavour@deloitte.com.au.

Further information regarding the liquidation appointments will be provided via notices to investors and creditors to be issued shortly. This website will also be updated with a copy of these notice as they are made available.

Notice of Approval of Receivers and Managers' Remuneration

On 11 March 2019, the Receivers and Managers' application to the Federal Court of Australia for orders fixing their remuneration and expenses for the period 7 August 2018 to 24 September 2018 was heard by Justice Derrington. His Honour made orders as follows:

THE ORDER OF THE COURT IS THAT:

1. The remuneration and internal expenses of Mr David Orr and Mr Jason Mark Tracy in their capacity as joint and several Receivers and Managers (Receivers and Managers) is approved and fixed in the following amounts:

(a) $108,070 plus GST, comprised of $107,820.00 plus GST for remuneration and $250.00 for internal disbursements (expenses) plus GST, for the period 7 August 2018 to 24 September 2018, to be paid from the property of the First Defendant in its own right; and

(b) $231,690.00 plus GST for remuneration for the period 7 August 2018 to 24 September 2018, to be paid from the property of the First Defendant as trustee of the lnvestport Income Opportunity Fund (unregistered); and

(c) $145,123.00 plus GST for the period 7 August 2018 to 24 September 2018, to be paid from the Endeavour Scheme Property.

2. The Receivers and Managers' costs of and incidental to this application be paid in the following proportions:

(a) 22% from the property First Defendant in its own right;
 
(b) 48% from the property of the First Defendant as trustee of the Investport Income Opportunity Fund (unregistered); and

(c) 30% from the Endeavour Scheme Property.

A sealed copy of the orders (titled 'Remuneration Approval Court Orders’), are available to be viewed below, under the heading ‘Related Documents’.

Please direct any enquiries related to the above by email to linchpin@deloitte.com.au

Unit Holder Tax Statements

Unit holders are now able to obtain a copy of their tax statements for FY17 and FY18 regarding the Unregistered Scheme and the Registered Scheme (Tax Information).

If you wish to obtain a copy of these statements, please send an email request:

Please include the following in the email: Your full name, the name of your Self-Managed Super Fund (if applicable), your postal address, and a request for the Tax Information.

DISCLAIMER: The Tax Information has been produced from the Schemes investor register platform. The information has been provided by a third party.

Neither the Liquidators or their staff have prepared, verified or audited the Tax Information and as such, provide no warranties or confirmations as to the accuracy, suitability or purpose of the Tax Information. Additionally, neither the Liquidators or their staff accept any cost or liability associated with the Tax Information provided to you, including any use of the Tax Information by you. By sending a request as directed above to receive the Tax Information, you acknowledge and accept the terms of this disclaimer.

For further information please contact Zoe Grew at either of the above email addresses.

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