Property Gloom As Another One Bites The Dust

IN THE latest of a string of property-related collapses, a South Australian mortgage business has been placed in voluntary administration. Adelaide-based private mortgage firm John West and Associates, under investigation by the Australian Securities and Investments Commission, has gone under with debts of more than $9.5 million.

Estate Property To Sell 21 Sites

THE administrators of the collapsed Estate Property Group plan to establish a single fund to handle the sale of 21 development sites owned by EPG, and that fund will then be used to pay its individual lenders.