ACFI Creditors Support Group

Avondale College Foundation Investments Creditors


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Finalisation of Administration delayed into late 2016


PPB has put in a claim against the Lehman's estate and it is expected that a final payment for this will be received in August 2016. The exact amount has not been finalised but PPB anticipates that the creditors will receive around 1.5c in the dollar.  It is expected that a final payment will be made in September 2016.


The total distribution to date is 71.62 cents in the dollar.  The approximate dates of past distribution and amount paid in the dollar are:

  • 22 December 2008 - 19.96 cents

  • 4 August 2009 - 12.58 cents

  • 27 January 2010 - 5.23 cents

  • 29 July 2010 - 3.19 cents

  • 6 January 2011 - 4.32 cents

  • August 2011 - 3.68 cents

  • July 2012 - 3.68 cents

  • March 2013 - 6.38 cents

  • March 2014 - 5.38 cents

  • December 2014 - 7.22 cents


If you are a creditor, check that you have banked all cheques to date.  If you find one missing please get in contact with us so we can organise for it to be reissued.

Want to find out the lastest news?

As soon as information comes available, we will email you to let you know.  This will save numerous individual calls to PPB which costs us all money.


Joining is free for creditors and is provided at no cost to creditors directly or indirectly.

Accompanied Group Tours Notify PPB of address change

As of July 2015, PPB had received $36.1 million from asset realisations

Interest received on loans and investments over the total period have been $5 Million


Avondale Nursery

The Avondale Nursery was owned by the Avondale Foundation and was a guarantee for the fund.  Any profits have been returned to the fund.  Over a period of time, the Nursery was on the market to be sold as an ongoing business but this has not been successful. The Nurseries’ Board made the decision to wind down the business as it was on the market for some time and seemed unlikely it would be sold as a going concern. Following the wind down PPB sold the land.  The Nurseries business was run by members of the Avondale Foundation and the land was owned by ACFI. PPB engaged an independent property valuer to produce a valuation report prior to the sale of the land. The sale price achieved of $800,000 was within the range of the valuation.  The winding down of the business (including sale of assets) generated an additional $1.8 million as part of the Avondale Foundation guarantee.


Other Investments

The remaining investments which have now been realised are:


RMBL Investments Ltd

PPB ihas expedited the return of capital from this fund..


Parkes Floating Rate Notes Collateralised Debt Obligations (“CDO”) This $2m investment was purchased from Lehman Brothers Australia and the underlying portfolio is now in a scheme of arrangement with negligible value.  PPB has lodged proof of debt in the Lehman Brothers Australia Ltd client resolution process.  The outcome of the adjudication process will determine whether there will be further recoveries from this investment.  The amount and likelihood of any return is uncertain so PPB has kept this investment written off until confirmation of any distribution is made.  The process has been delayed throughout 2015 and is not likely to be resolved until 2016.


Charter Hall Direct Property Fund (“CHDPF”)

PPB has expedited the return of capital from investments in this fund and this was finalised in September 2015.


St Hilliers Enhanced Property Fund No. 3 (“SHEPF”) 

The investment in St Hilliers Enhanced Property Fund No 3 has been fully realised with a final impairment of $0.4 million bringing the total impairment to $1.4 million.


Ray White Priority Access Fund

In 2012, part of this fund was distributed as units in the White & Partners Retail Property Trust (“RPT”).  PPB redeemed these units in October 2013 for $75,000.  ACFI still retains units in the fund under the Keppel Bay Plaza and Hope Island Resort Project Investment which made a distribution of $56,153.  It is unlikely that ACFI will receive further distributions from these funds.  

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