CPAIF & ICPAIF Updates
12 April 2023 - Notice to Members
On 12 April 2023, members of CPAIF and ICPAIF were forwarded a notice concerning an application made by the Liquidators of LMIM to the Supreme Court of Queensland for Directions, pursuant to s 96 of the Trusts Act 1973 (Qld) and s 90-15 of Insolvency Practice Schedule (Corporations). The application is set down for hearing on 17 April 2023 at 10:00am.
Please find below all documentation filed with respect to the application.
Notice to members - CPAIF
Notice to members - ICPAIF
Application
Service Order
Affidavit of Millicent Russell
8 November 2022 - Fund Update
There have been no material changes to net asset value following my previous update as at 30 June 2021.
A further substantive update will be provided once timing and amount of a distribution from the LM First Mortgage Income fund to CPAIF and ICPAIF is known.
17 August 2021 - Fund Update
A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.
To view the ICPAIF update click here
To view the CPAIF update click here
7 September 2020 - Fund Update
A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.
To view the ICPAIF update click here
To view the CPAIF update click here
14 October 2019 - Fund Update
A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.
To view the ICPAIF update click here
To view the CPAIF update click here
21 March 2019 - CPAIF and ICPAIF Investor Notices
In accordance with Orders made by The Honourable Justice Mullins on 22 February 2019, please find below notices to the members of CPAIF and ICPAIF with respect to the Supreme Court of Queensland No. BS 1031/19 (The Feeder Fund Proceeding).
To view the ICPAIF notice click here
To view the CPAIF notice click here
19 September 2018 - Fund Update
A fund update has been prepared to provide investors with details on the progress of the fund wind up and matters to be completed prior to further distributions and closure.
To view the ICPAIF update click here
To view the CPAIF update click here
13 June 2018 - Court Orders
On 13 June 2018 Orders were made concerning the production of records of the feeder funds for use in proceedings brought by the Receiver of the First Mortgage Income Fund against the feeder funds.
These orders require that notice of the proceeding be provided to members of CPAIF and ICPAIF by posting a notice on this website. That notice is here. The orders and court documents relevant to the orders are at http://www.lmfmif.com
25 July 2016 - Fund Update
On 25 July 2016 a fund update was issued via email to investors and advisors. those investors and advisors without email addresses will receive a copy of this update via post.
To view the ICPAIF update click here
To view the CPAIF update click here
29 January 2016 - Notice to Members and Creditors
On 29 January 2016, members of AIF, CPAIF, ICPAIF, ASPF and CPF as well as creditors of LMIM were forwarded a notice concerning an application made by the Liquidators to the Supreme Court of Queensland for the determination and fixing of their remuneration as liquidators.
Please find below the link to the notice for ICPAIF and CPAIF:
CPAIF - Notice to Members
ICPAIF - Notice to Members
15 January 2016 - Update on Wind Up of CPAIF & ICPAIF
Please click the below links to access updated on the LM Institutional Currency Protected Australian Income Fund and LM Currency Protected Australian Income Fund dated 15 January 2016.
LM Institutional Currency Protected Australian Income Fund Update - 15 January 2016
LM Currency Protected Australian Income Fund Update - 15 January 2016
4 December 2015 - Update on Wind Up of CPAIF & ICPAIF
Custom House Currency Exchange (Australia) Pty Ltd (Custom House) was the foreign exchange and money transfer services provider engaged by LM Investment Management Ltd (LMIM) for each of its registered managed investment schemes. Custom House has advised it experienced a loss arising from an unfavourable close-out foreign exchange trading position in 2013. Currency House holds registered security interests in relation to LMIM in its capacity as Responsible Entity for the LM Currency Protected Australian Income Fund (CPAIF) and the LM Institutional Currency Protected Australian Income Fund (ICPAIF). LMIM granted the charges only in that capacity and accordingly the property charged is limited to the assets and undertakings of those respective funds.
On 16 November 2015, Custom House exercised its rights and appointed Said Jahani and Gayle Dickerson of Grant Thornton as receivers and managers over LM Investment Management Ltd in its capacity as responsible entity of the CPAIF and the ICPAIF.
As previously noted, distributions cannot be made from CPAIF or ICPAIF until such time as a distribution from the First Mortgage Income Fund (FMIF) is made by its' Receiver, David Whyte of BDO. The claims of Custom House, if valid, would be paid from the assets of the Funds when available in priority to any further distributions to the members.
We will continue to provide members with the updates issued by the Receiver of the LM FMIF and a more detailed update in relation to the position of the CPAIF and ICPAIF will be issued in due course.
December 2014 - Update of Registry Contact Information
Please be advised that previous LM staff emails and the mail@lmaustralia.com emails are no longer monitored.
All enquiries relating to the Institutional Currency Protected Australian Income Fund (ICPAIF) and Currency Protected Australian Income Fund (CPAIF) should now be forwarded to enquiries@lminvestmentadministration.com. The registry of CPAIF and ICPAIF will be maintained by FTI Consulting staff.
8 August 2013 - Appointment of Receiver to FMIF
Following the appointment of David Whyte of BDO as Receiver of the First Mortgage Income Fund ("FMIF") on 8 August 2013, distributions cannot be made from CPAIF or ICPAIF until such time as a distribution from the First Mortgage Income Fund ("FMIF") is made by its' Receiver.
These funds are expected to remain frozen for the forseaable future. For background on the progress of realisation of FMIF assets, please refer to the updates posted on the Receivers' website - www.lmfmif.com.
July 2013 - FMIF Litigation Update
For information relating to the litigation matters concerning FMIF, CPAIF and ICPAIF, please refer to the litigation page of this website.
12 July 2013 - Distributions
The financial institution processing the payments for the CPAIF and ICPAIF investors have advised that considerable work needs to occur in preparing the data files for these distributions. The financial instituion has advised that the expect distributions to commence for the ICPAIF and CPAIF by 12 July 2013.
For those invested in the Wholesale Fund, please direct your enquiries to your responsible entity in terms of when you can expect receipt of funds.
Investors in the FMIF and CPAIF will receive approximately $0.0079 per unit held and those in the ICPAIF will receive approximately $0.0059 per unit held.
Those investors in the FMIF which did not receive their March 2013 distribution due to incorrect account details have, in addition to the June capital distribution, received their "catch up payment" for the March 2013 distribution.
11 July 2013 - Appointment of Receivers and Managers by Deutsche Bank AG
On 11 July 2013, Deutsche Bank AG exercised its rights under the Facility Agreement, appointing Joseph David Hayes and Anthony Norman Connelly of McGrathNicol as receivers and managers over LM Investment Management Ltd in its capacity as responsible entity of the LM First Mortgage Income Fund ARSN 089 343 288.
The Administrators and FTI Consulting staff are working cooperatively with the receivers and managers and their staff.
