The receivers of Opes Prime Group (Opes) have advised creditors to seek their own advice after informing clients it could be some time before they can recover any losses from the embattled group.
In a letter to clients, Deloitte Corporate Reorganisation Group members Sal Algeri and Chris Campbell said it was too early to determine a return amount or when creditors could expect their money.
"At this stage we are not in a position to advise on either the likely return to creditors (including clients of the group) or when we will be able to retire as receivers and managers of Opes, so that any remaining realisation of the assets of Opes and their distribution among creditors can be conducted by the voluntary administrators," the letter said.
The receivers also stated that creditors and counterparties will be in very different positions and will have different types of claims against Opes.
"While we expect many to be unsecured creditors of Opes, some may have a proprietary claim to particular assets or some other type of claim which is entitled to propriety for reasons that are peculiar to a particular customer or counterparty. These will need to be addressed in due course, either by us or (on our retirement) by the voluntary administrators," the letter said.
Late yesterday online news reports stated that investors have launched a class action against Opes Prime in Melbourne's Federal Court. No details of their claims are currently available.
Late last week, ASIC formed a special team to investigate whether the activities of Opes were in breach of the Corporations Act.
Directors of the financial services firm also appointed John Lindholm of Ferrier Hodgson as voluntary administrator.
The administrator was called in when Opes Prime Group directors became aware of a number of cash and stock movement irregularities in relation to a small number of accounts.
