Stockbroking firm Lift Capital Partners (Lift) is on the verge of collapse after administrators were appointed to the group late last week.
The Sydney-based broker now joins Opes Prime and Tricom in a growing number of local firms to crumble.
Tony McGrath and Joseph Hayes of corporate recovery and advisory firm McGarthNicol were appointed as voluntary administrators of Lift Capital Partners Pty Limited and Lift Capital Nominees No 1 Pty Limited on April 10.
“It’s too early to speculate on the ultimate return to creditors and investors. However, it appears that the underlying value in the shares is good and it is expected that a reasonable return will be achieved. The immediate focus will be to work closely with management and other external parties to ensure that the value in the business is preserved,” McGrath said.
It was revealed last week that like Opes Prime, Lift lent money to clients to buy listed shares and managed funds. It had about 1600 clients.
The administrators focus in the next day will be to gather information to convey to creditors and investors. No further details were available at the time.
A meeting of creditors will be held on April 22. A full update will be provided to creditors at the meeting.
