Glenhurst collapses

Group placed in liquidation

By Kate Kachor
Tue 22 Jan 2008

Liquidators move in on Melbourne dealer group Glenhurst.

Financial planning firm Glenhurst Corporation (Glenhurst) has collapsed, with the group now in liquidation.

Following a creditors meeting on January 17, Glenhurst's administrators CJL Partners informed ASIC it had advanced its process and had become the dealer group's liquidator.

On the same day, CJL Partners lodged a notice of special resolution with ASIC to wind up Glenhurst.

"The creditors of the company (under administration) resolved that the company be wound up," the resolution said.

The notice was submitted to ASIC by CJL Partner executive and acting Glenhurst chairman David Lofthouse.

At a Glenhurst creditors meeting on December 21 2007, creditors voted to wind the company up and appointed Lofthouse of CJL Partners as liquidator.

Lofthouse advised that the company's records did not disclose a high number of trade creditors and noted that the principal claims against the company related to those arisen from the collapse of the Westpoint group of companies.

Glenhurst was taken over by Churchill Morgan Global late last year under a new Australian financial services licence.

However, company chief Tony Kofkin is understood to still be running the business and the company structure remains relatively unchanged.

In November, ASIC announced it intended to file lawsuits against five dealer groups, including Glenhurst, which the regulator says owed $7.1 million in damages to 78 investors.

It will also seek damages against Westpoint directors for 3650 investors of collapsed property lender.

Glenhurst was placed into administration on December 14 last year.

Calls to CJL Partner were not returned by InvestorDaily's deadline.

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