Refund franchisees safe, say administrators

by Adam Smith02 Dec 2011

Refund Home Loans' administrator has assured franchisees that a wind up resolution will only affect a shell company, not Refund Home Loans' businesses.

ASIC documents have shown that Refund Pty Ltd creditors have resolved to wind up the company, but administrator SV Partners has told Australian BrokerNews the wind up will not impact Refund Home Loans franchisees.

Following several attempts over a number of weeks to contact the administrators that were not returned, SV Partners' David Stimpson told Australian BrokerNews the company put into liquidation is a holding company, and that franchisees' businesses will continue to operate as normal.

"Refund Pty Ltd, an associated company is in liquidation.  However, it is basically the holding company of a number of companies in the group and is not a trading business. The liquidation of Refund Pty Ltd has no effect on the franchisees or the continued viability of the Refund Home Loans business," Stimpson said.

Stimpson assured franchisees that Refund Home Loans remains in voluntary administration, and a sale of the business is being negotiated.

Do you know more, or are you a Refund Home Loans franchisee that could be affected by this development? Contact Adam Smith at 




  • by Pete 11/12/2011 10:10:43 PM

    The sale is highly possible by Christmas, as we have also seen the sale (2011) of GE Capital Australia exiting the home lending market after its $5 billion loan book sale to low doc mortgage lender Pepper Australia Pty Ltd. Interestingly enough this was supported by a consortium of institutional investors including CBA, NAB and Westpac.