Slater and Gordon lawyers are considering taking legal action on behalf of Australian Capital Reserve (ACR) investors after the group was handed over to administrators yesterday.
The latest corporate collapse could see the recently listed law firm add ACR to its growing list of class actions involving failed property schemes.
It is also running class actions against dealer groups embroiled in Westpoint claims and it is investigating the role of Fincorp's trustee, Bendigo Bank-owned Sandhurst Trustees.
Fincorp fell down in March owing around 8000 investors $200 million.
Sandhurst was also the trustee behind Westpoint.
In ACR's case, a class action could begin if there is evidence is found of wrongdoing and there is money to be found for investors, Slater and Gordon lawyer Ben Phi said.
"There's certainly a potential claim - we'll look into it and see what could be done," Phi said.
Around 7000 mainly elderly investors could lose up to $300 million in retirement savings through ACR, which along with 25 other companies in the Estate Property Group (EPG) was handed over to administrators McGrathNicol.
ACR finances the activities of EPG by raising public money for its 21 property developments in New South Wales and Victoria through issuing unsecured deposit notes to retail investors. It then loans those funds to EPG.
ACR marketed its schemes through shopping centres and the media directly to investors looking for a higher rate of return.
It managed to raise over $300 million between 2000 and 2007. A number of secured third-party financiers have also advanced funds to its parent company.
ASIC issued a final stop order on the company in April following concerns about disclosure in its latest prospectus.
