Retirement village investors owed thousands

A COMPANY going into liquidation has left Coffs Coast investors many thousands of dollars out of pocket.

Sunrise Supported Living (SSL) Coffs Harbour Pty Ltd owes more than 40 unsecured creditors a total of more than $1.1million.

While creditors such as the Australian Taxation Office ($14,010), Coffs Harbour City Council ($59,191), SSL Management Pty Ltd ($598,068), The Body Corporate Headquarrters ($121,482) are awaiting the contents of a report to be released at a meeting of creditors in Sydney on Friday, it is the many 'mum and dad' investors who appear to be badly burned.

Investors losing out on rental income from a retirement village in Taloumbi Rd, Coffs Harbour for periods of time has seen amounts owing to these creditors range in size from $8,000 to $20,000,

Creditors have recently learned this is a situation similar to one investors with SSL faced in the Victorian regional centre of Bendigo earlier this year.

In that case, Freedom Aged Care took over the operating rights of the retirement village.

Online enquiries show Freedom Aged Care has taken over at the Taloumbi Rd village.

With SSL Coffs being declared bankrupt, confidence among investors that they will realise a return on their investments is low.

It has been alleged by some creditors Freedom Age Care has been attempting to buy-back the retirement villas at greatly reduced prices.

As well as a presentation of a Report as to Affairs, Friday's meeting is expected to see creditors confirm GJ Parker as the liquidator



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