Nearly $6 million in funds investment in self-managed super funds are at risk, after Charterhill Group’s Nova Real Estate Proprietary Limited has been placed in voluntary administration.
Heard Phillips have been appointed as administrators of Nova Real Estate and liquidators for another Charterhill Group entity, Lending Solutions.
The sole director of both companies is George Nowak, the chief executive of Charterhill Group.
Despite this, the Charterhill Group and other related entities are said not to be impacted.
The first creditors’ meetings were held on January 31.
Speaking to The Advertiser, Andrew Heard from Heard Phillips said that the investors impacted are mostly based in Victoria and New South Wales.
“As a result of the appointment there are approximately 140 investors in Nova with funds totalling just over $6 million and less than 20 investors in LSI with funds totalling just over $1 million exposed to loss,” Heard said.
George Nowak completed his accounting degree in 1980, worked at Deloitte Haskin & Sells, then Delfin Property Group Limited, and has previously been featured at the Home Buyer and Property Investor Show.
This article first appeared on Property Observer.