Embattled fund manager wins reprieveEmail Print Normal font...

Embattled fund manager wins reprieve
Email Print Normal font Large font July 24, 2008 - 12:49PM

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Embattled fund manager Octaviar has won a brief reprieve against legal efforts to wind up the company.

The Public Trustee of Queensland (PTQ) applied to the Queensland Supreme Court last month to have the stricken financial services company, formerly known as MFS, wound up.

PTQ is representing the interests of more than 500 noteholders owed more than $351 million.

The matter was due to be heard in September but Solicitor-General Walter Sofronoff, acting on behalf of the PTQ, this week applied to have the hearing brought on early.

However, Mr Sofronoff on Thursday told the court another trustee had now been found who was willing to take over the matter from the PTQ.

He said PTQ had resigned as trustee last year but had not been able to find anyone to take over until now.

The new trustee, who was not named in court, had sought a meeting with creditors before deciding whether to proceed with efforts to wind up Octaviar.

Supreme Court Justice Richard Chesterman adjourned the hearing to its original dates of September 9 and 10.

http://news.smh.com.au/business/embattled-fund-manager-wins-reprieve-20080724-3k96.html