Lift Capital carried on a business of margin lending. Many Lift Capital clients mortgaged their securities to Lift Capital as security for loans.
In April 2008, Lift Capital appointed administrators. In October 2008, Lift Capital was placed in liquidation.
On 8 February 2010, a scheme of arrangement was approved by the Federal Court.
If you were a scheme creditor or debtor, for tax purposes, this means that you may receive or be entitled to receive:
- a scheme dividend for the securities sold without your consent
- a return of surplus securities that you mortgaged to Lift Capital which were not sold
- dividends and/or unit trust distributions received by the holder of the unsold surplus securities and which were not passed on to you at the time they were received
- a deduction for interest incurred on the loan.
If you were a scheme creditor or debtor, see Lift Capital liquidation - fact sheet for investors who borrowed money under the Lift Capital facility agreement.
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