WA retirees living in two villages, owned by a Settlers group of companies, are guaranteed by them that their livelihoods and homes will not be affected by their bankruptcy.
At the Settlers Lifestyle Villages in Ravenswood and at Ridgewood Rise of Settlers near Butler over 800 retirees are living in various units. They are assured again that after the voluntary entry of Settlers Group last week into the administration their livelihood and homes will be protected by the laws.
DEM Asia Group’s Damien Hodgkinson was voluntarily appointed as administrator.
Since the group of companies that are operating one village in New South Wales and two in Queensland, has gone into receivership with Ian Francis, John Park and Joseph Hansel of FTI Consulting, has also been appointed as managers and receivers in this setup.
In a statement issued by FTI Consulting, it has been said that the control of 5 over 55 villages has been taken by the managers and receivers and these villages will be operated similarly as they used to be, as the sales operation of the entire group is in progress.
This statement further reads that in order to ensure that the services will be delivered uninterrupted to the conveniences operated by the residents or the Settlers Group the managers and receivers are trying to work with the service providers of Settler Group and all the stakeholders in a very cordial manner.
It is much before time to give a rough idea about the amount of time will be required to complete the receivership at this stage.
The time taken in this process can finally be determined on the basis of the time taken in bringing the properties to the market, start a marketing campaign in an orderly manner and assessing the final offers submitted by the buyers and taking a final decision.
In this situation, David Hillyard, the Commissioner for Consumer Protection, has told that the industry of retirement villages in WA, which offered protection to the retirees, is regulated by certain laws.
He further said that he was sure that to secure the sale of the properties the administrators will work hard. During this time they have also made an announcement that for the residents the sale of properties is a usual business and at this stage, they should not be worried very much about it.
They further said that two villages were visited by them on July 2019 for practical checking of compliance of rules and a high rate of occupancy was found. It was a clear indication that for any potential buyer the propositions for the villages in WA will be very attractive.
They will work as in-between communicators with the committees of the residents of both the villages in which retired people reside and it has also been committed by the administrators that they will update them about the developments happening there.