Off-market sale of assets to a former company director & co-owner
A recent media article detailed a sale by liquidators of a property partly owned (57%) by LM Investments Management Limited (In Liquidation) to a former company director and co-owner (43%), Lisa Darcy, for $492,000. The article inferred that the property had been sold for less than market value.
ARITA has a process for investigating concerns that arise from a range of sources, including media articles, that relate or refer to the conduct of a member. This process was initiated in response to the article and our desktop review of the sale process indicates that, in light of the full circumstances of the situation, the liquidators obtained a commercial outcome. Based on the information provided, it is also reasonable to expect that no detriment has been suffered by the creditors of the company as a result of the transaction.