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Elderslie back in court

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The troubled Elderslie Finance Corporation is back in court today as its white knight, former realestate.com.au chief executive Nigel Purves, requests more time for due diligence.

The troubled Elderslie Finance Corporation is back in court today as its white knight, former realestate.com.au chief executive Nigel Purves, requests more time for due diligence.

On 13 June, the Federal Court gave Elderslie until 1 July to examine whether a sale would be possible and adjourned an application by trustee company Perpetual Trustees seeking various orders against Elderslie, and leaving open the possibility that the company could be put into receivership.

Perpetual launched action against Elderlsie on 5 June, two days after former Liberal Party leader John Hewson resigned as chairman.

Sources close to Purves say he has raised the necessary $10 million from a range of sources, but he is now seeking a further 28 day grace period from the court while he waits for information from Elderslie required to complete the due diligence process.

Meanwhile sources say other potential buyers have emerged. “We have heard that other organsations want to buy it, but Purves is the only one with a contract of sale,” the source says.

 

Read more on Elderslie and Perpetual

 

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