Six thousand Australians who invested hundreds of millions of dollars of their super funds with First Guardian, which collapsed earlier this year, have been told by the fund’s liquidator the case will take at least a year to resolve and there may be insufficient funds to pay them back.
Liquidators from FTI Consulting, Ross Blakeley and Paul Harlond, have released their preliminary report into the collapsed fund saying that they “intend to undertake further investigations”, including “determining whether any breaches of the Corporations Act or other laws have occurred by any party, including the company’s directors”.