Property investment company Australian Capital Reserve (ACR) has collapsed, putting at risk investments valued at more than $300 million.
McGrathNicol last night was appointed voluntary administrator of the Estate Property Group, which includes ACR.
Perennial late night television advertiser ACR, which offered aggressive rates of returns on investments, raised funds directly from mainly elderly investors in a series of unsecured loan notes.
ACR, one of 25 companies in the Estate Property Group stable, then lent the money back to other companies within the group to invest in property developments.
This is the third property investment loan investment to fail in just over a year.
Westpoint was wound up by the Federal Court in February 2006 and Fincorp collapsed in March 2007.
