Record Realty Trust has become the latest Allco Finance-related business to collapse after its secured foreign lender called in a $186m loan, triggering a potential firesale of properties worth up to $1.8bn.
Craig Shepard and Mark Korda of KordaMentha have been appointed receivers and managers of Record Funds Management, the Allco Finance-owned subsidiary that manages Record Realty Trust, which is labouring under debts of $1.76bn.
The receivership was triggered by a notice of default served by the trust's major secured lender, BOS International, demanding immediate payment of $186m, which was agreed on in June2006.
The Australian
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