Notice to Investors of Orders to Finalise FMIF

I will be paying a final distribution to investors on or around 31 July 2024 as authorised by Order of the Honourable Justice Kelly dated 27 May 2024. Investors have until 21 June 2024 to submit requests for any updates to be made to their bank/contact details or transfer of units in the investor database. Investors should refer to the notice below for further information.

Court Applications by FMIF Receiver and LMIM Liquidator – Hearing Date 27 May 2024

On 12 April 2024, David Whyte, the person appointed pursuant to section 601NF of the Corporations Act 2001 (Cth) to take responsibility for ensuring that the FMIF is wound up in accordance with its constitution and as receiver of the property of the FMIF (Mr Whyte), has applied to the Supreme Court of Queensland for directions to finalise the winding up of the FMIF (the finalisation application), including an order approving his remuneration for the period from 1 May 2022 to the conclusion of the winding up to be paid from the property of the FMIF.

On 17 April 2024, Mr John Richard Park, the liquidator of LM Investment Management Limited (in liquidation) (receivers and managers appointed) ACN 077 208 461 (“LMIM”), has applied to the Supreme Court of Queensland for determination of his remuneration and approval of his expenses to be paid from the property of the FMIF (the liquidator remuneration application).

The finalisation application and the liquidator remuneration application will both be heard by the Supreme Court in Brisbane on 27 May 2024 at 10.00 am. Further details regarding your rights to appear at and participate in the hearing are set out at in the Notice below.

The application and supporting material can also be found below.

Important Notice to Members

ASIC Financial Reporting Relief – 1 March 2024

On 1 March 2024, the Australian Securities and Investments Commission, on my application, issued instrument 24-0114 under subsections 111AT(1) and 601QA(1) of the Corporations Act 2001 granting LM Investment Management Limited (in liquidation) (receivers and managers appointed), in its capacity as responsible entity of the LM First Mortgage Income Fund (receiver appointed) (“FMIF”) an exemption from compliance with its obligations under:

  1. the disclosing entity provisions in Part 2M.3 of the Act in relation to a financial year or half year of the FMIF;
  2. section 601HG of the Act in relation to a financial year of the FMIF.

A notice explaining the instrument of relief and a copy of the instrument can be found below.

Important Notice to Members

ASIC Financial Reporting Relief

On 14 September 2022, the Australian Securities and Investments Commission, on my application, issued instrument 22-0765 under subsections 111AT(1) and 601QA(1) of the Corporations Act 2001 granting LM Investment Management Limited (in liquidation) (receivers and managers appointed), in its capacity as responsible entity of the LM First Mortgage Income Fund (receiver appointed) (“FMIF”) an exemption from compliance with its obligations under:

  1. the disclosing entity provisions in Part 2M.3 of the Act in relation to a financial year or half year of the FMIF;
  2. section 601HG of the Act in relation to a financial year of the FMIF.

A notice explaining the instrument of relief and a copy of the instrument can be found below.

FMIF Receiver’s Court Application for Remuneration Approval – Hearing Date 18 October 2022

On 5 September 2022, the Court Appointed Receiver made an application for the approval of his remuneration for the period 1 November 2021 to 30 April 2022. The Notice to the Members of the LM First Mortgage Income Fund (Receiver Appointed) with respect to that application together with a copy of the application and supporting material can be found below.

Important Notice to Members

ASIC Financial Reporting Relief

On 11 March 2022, the Australian Securities and Investments Commission, on my application, issued instrument 22-0124 under subsections 111AT(1) and 601QA(1) of the Corporations Act 2001 granting LM Investment Management Limited (in liquidation) (receivers and managers appointed), in its capacity as responsible entity of the LM First Mortgage Income Fund (receiver appointed) (“FMIF”) an exemption from compliance with its obligations under:

  1. the disclosing entity provisions in Part 2M.3 of the Act in relation to a financial year or half year of the FMIF;
  2. section 601HG of the Act in relation to a financial year of the FMIF.

The exemption applies during the period ending on 15 March 2024. A notice explaining the instrument of relief and a copy of the instrument can be found below.

Notice to Members

TAKE NOTICE that John Richard Park, the Liquidator of LMIM, has applied to the Supreme Court of Queensland for the determination and fixing of the Liquidators’ expenses. A copy of the application and notice issued to members of the FMIF is below:

Further information can be found at https://www.lminvestmentadministration.com/.

Notice to Members

TAKE NOTICE that John Richard Park, the Liquidator of LMIM, has applied to the Supreme Court of Queensland for the determination and fixing of the Liquidators’ remuneration. A copy of the application and notice issued to members of the FMIF is below:

Further information can be found at https://www.lminvestmentadministration.com/.

FMIF Receiver’s Court Application for Remuneration Approval – Hearing Date 16 December 2021

On 2 December 2021, the Court Appointed Receiver made an application for the approval of his remuneration for the period 1 May 2021 to 31 October 2021. The Notice to the Members of the LM First Mortgage Income Fund (Receiver Appointed) with respect to that application together with a copy of the application and supporting material can be found below.

The hearing for the remuneration application of the Court Appointed Receiver took place on 16 December 2021. The court approved the remuneration sought of $924,169.40 (inclusive of GST) in respect of work undertaken in dealing with FMIF during the period from 1 May 2021 to 31 October 2021. A copy of the order made on 16 December 2021 is available below:

FMIF Receiver’s Court Application for Remuneration Approval – Hearing Date 13 August 2021

On 14 July 2021, the Court Appointed Receiver made an application for the approval of his remuneration for the period 1 November 2020 to 30 April 2021. The Notice to the Members of the LM First Mortgage Income Fund (Receiver Appointed) with respect to that application together with a copy of the application and supporting material can be found below.

Notice to Members

TAKE NOTICE that John Richard Park, the Liquidator of LMIM, has applied to the Supreme Court of Queensland for the determination and fixing of the Liquidators’ remuneration. A copy of the application and notice issued to members of the FMIF is below:

Further information can be found at https://www.lminvestmentadministration.com/.

FMIF Receiver’s Court Application for Remuneration Approval – Hearing Date 26 March 2021

On 2 March 2021, the Court Appointed Receiver made an application for the approval of his remuneration for the period 1 May 2020 to 31 October 2020. The Notice to the Members of the LM First Mortgage Income Fund (Receiver Appointed) with respect to that application together with a copy of the application and supporting material can be found below.

The hearing for the remuneration application of the Court Appointed Receiver took place on 26 March 2021. The court approved the remuneration sought of $1,104,433.00 (inclusive of GST) in respect of work undertaken in dealing with FMIF during the period from 1 May 2020 to 31 October 2020. A copy of the order made on 26 March 2021 is available below:

FMIF Receiver’s Court Application for Remuneration Approval – Hearing Date 2 July 2020

On 11 May 2020, the Court Appointed Receiver made an application for the approval of his remuneration for the period 1 November 2019 to 30 April 2020. The Notice to the Members of the LM First Mortgage Income Fund (Receiver Appointed) with respect to that application together with a copy of the application and supporting material can be found below. The current Protocol for parties or practitioners appearing at a hearing in the Supreme Court of Queensland in light of COVID19 restrictions can be found in the Court Application Protocol document below.

The hearing for the remuneration application of the Court Appointed Receiver took place on 2 July 2020. The court approved the remuneration sought of $989,373.55 (inclusive of GST) in respect of work undertaken in dealing with FMIF during the period from 1 November 2019 to 30 April 2020. A copy of the order made on 15 October 2020 is available below:

Important Notice to Members

ASIC Financial Reporting Relief

On 3 March 2020, the Australian Securities and Investments Commission, on my application, issued instrument 20-0166 under subsections 111AT(1) and 601QA(1) of the Corporations Act 2001 granting LM Investment Management Limited (in liquidation) (receivers and managers appointed), in its capacity as responsible entity of the LM First Mortgage Income Fund (receiver appointed) (“FMIF”) an exemption from compliance with its obligations under:

  1. the disclosing entity provisions in Part 2M.3 of the Act in relation to a financial year or half year of the FMIF;
  2. section 601HG of the Act in relation to a financial year of the FMIF.

The exemption applies during the period ending on 16 March 2022. A notice explaining the instrument of relief and a copy of the instrument can be found below.

Application filed by the FMIF Receiver on 31 January 2020 for directions as to whether he is justified in making and pursuing the Notice of Appeal in Supreme Court of Queensland proceedings 1146/20 – Hearing Date 2 June 2020

TAKE NOTICE that David Whyte, as the person appointed pursuant to section 601NF of the Corporations Act 2001 (Cth) to take responsibility for ensuring that the FMIF is wound up in accordance with its constitution and as receiver of the property of the FMIF (Mr Whyte), has applied to the Supreme Court of Queensland for directions as to:-

"whether Mr Whyte is and was justified in making and pursuing the Notice of Appeal number 14258 of 2019 dated 20 December 2019 in respect of the Judgment of the Supreme Court of Queensland in LM Investment Management Ltd (receiver appt) (in liq) v Drake & Ors [2019] QSC 281 (the Director Proceedings Judgment) on behalf of the Applicant in this proceeding"

The Notice to the Members of the LM First Mortgage Income Fund (Receiver Appointed) in relation to the application together with a copy of the application and supporting material can be found below.

Further documents filed in the proceedings will be uploaded to this website as and when they become available.

Appointment of Court Appointed Receiver

Pursuant to an Order of the Supreme Court of Queensland on 8 August 2013, David Whyte of BDO was appointed Receiver of the LM First Mortgage Income Fund (‘FMIF’) and to take responsibility for the winding-up of FMIF in accordance with its constitution. A copy of the Court Order and Judgement is available below.

Sealed order of the Supreme Court of Queensland on 21 August 2013 (381 kB)
Judgement of Justice Dalton delivered on 8 August 2013 (2.6 MB)

On 20 December 2013 the Queensland Supreme Court made orders in relation to the costs of these proceedings. It ordered that:

  1. Trilogy Funds Management Ltd pay 7% of LM Investment Management Ltd (in Liquidation) (Receivers and Managers Appointed) (“LMIM”) costs of the proceeding; and
  2. LMIM is to be indemnified from the FMIF only to the extent of 20% of its costs of the proceeding.

LMIM also gave an undertaking that it would not seek from the FMIF any costs of or incidental to the investor meeting convened by notice dated 26 April 2013.

A copy of the order is available below:

As advised in our reports to investors, FTI appealed the above decision. This matter was heard by the Court of Appeal on 28 November 2013 with the decision to dismiss the appeal being handed down on 6 June 2014. A copy of the judgement in this respect is available below:

Judgment of Justice Fraser & Justice Gotterson & Justice Daubney delivered on 6 June 2014 (7.1 MB)

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