List Of Losses From Lender Collapses


Company   Details   Losses
Asset Loans Ltd Total group debt includes $12 million owing to 400 noteholders, $14 million to banks and $2.7 million to unsecured creditors. The Australian  The Courier Mail  $29,000,000
Banksia Securites Ltd 15,000 investment accounts frozen, 3,000 investors Australian Financial Review  $660,000,000
Bidgee Finance Ltd

Bidgee Finance was placed into liquidation on 16 August 2012  - 450 Debenture Holders 

Cherry Fund Ltd

Part of Banksia Group.  No. of investors unknown


Cromwell Finance Ltd

Cymbis Finance Australia Ltd

2200 debenture holders

Diverseport Fixed Income Ltd

aka The Driven Group – liquidated 2008  - loss of $683k for the year to 31 March 2008.  Report    ASIC

Elderslie Finance Corporation Ltd 4000 noteholders.  Sydney Morning Herald  Smart Company  $140,000,000

Eurofinance Capital Ltd


Fairway Investments Ltd


Financial Resources Securities Ltd


First Capital Securities Ltd


GR Finance Ltd 

Loan book in arrears on March 31 2011 – collapsed Oct 2011  Report


Goldman Sachs JBWere Capital Markets Ltd 

Hastings Capital

2000 investors

Indian Pacific Ltd Delisted 1990

LKM Capital Ltd 

Collapsed in 2008 owing investors


Mariner Treasury Ltd

Momentum Mortgages Ltd

Receivers appointed – Co had $1.88m equity capital in 2008. Went into Adminstration Sept 2008.  

North State Finance Ltd

- Subdivision of Westlawn Finance

Plantation Land Ltd

Tied up with Timbercorp (delisted)- see $$ at this link.  The loss attributable to minority interests of $2.968 million relates to the Plantation Land Limited (PLL) shareholders. PLL owns forestry land that is leased to Timbercorp (or its wholly owned subsidiary Timbercorp Securities Limited) which is sub-let under its forestry projects. The initial purchase of the land by PLL was financed by the issue of stapled securities comprising unsecured notes (Notes) and ordinary PLL shares. As a result of Timbercorp providing a guarantee on the value of land held by PLL in favour of the PLL security holders, among other factors, PLL is considered to be a controlled entity and therefore forms part of the Timbercorp