Court gives Perpetual 10 days to sort out funds, keeps observers in place

Fri, 03 Aug 2012

By Paul McBeth Aug. 3 (BusinessDesk) - The High Court has given Pyne Gould Corp subsidiary Perpetual Trust 10 working days to come up with a plan to liquidate one fund and internalise another. Judge Paul Heath today ordered Perpetual to figure out a way to wind down its frozen mortgage fund and internalise its cash management fund before another hearing on Aug. 17, according to his judgment. He also ordered observers, Vivian Fatupaito and Christopher Duffy of WHK, should continue in their role. "At this stage there is a live issue over whe...

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