Final Report to Investors
Columbus Investment Services Ltd (CISL), formerly known as Record Funds Management Limited, the Responsible Entity of RRT, wishes to advise unit holders that the wind up of RRT has now completed.
The following points should be noted by unit holders:
- Completion of Receivership & Distribution to Unit Holders
- As previously advised, Craig Shepard and Mark Korda of Korda Mentha Pty Ltd were appointed as Receivers and Managers of RRT on 30 March 2009;
- The receivership was completed on 27 July 2016 at which time control of RRT was returned to CISL; and
- Korda Mentha Pty Ltd have subsequently confirmed that the proceeds from the realisation of RRT’s secured property was insufficient to fully discharge the secured creditor debt and accordingly there were no surplus funds available for unsecured creditors or unit holders.
- Tax Position
- With respect to the tax position of investors, CISL’s deed administrators declared on 17 March 2010 that they had reasonable grounds to believe that there was no likelihood that unit holders of RRT would receive any distribution in the course of the administration;
- The deed administrators also stated that they believed that a capital loss could be claimed by unit holders. Click here to see the deed administrators’ letter to unitholders; and
- As stated in the letter, investors who propose to claim such a tax loss should only do so after seeking advice from a suitably qualified advisor.
- Fund Termination
- RRT was deregistered by ASIC on 10 September 2018 and was then terminated by CISL on 11 September 2018.
As RRT is now terminated, this represents the final communication to unit holders. If unit holders have any questions in relation to the wind up of RRT, please email them to [email protected]