Australian Capital Reserve (ACR, Estate Property Group): another unsecured borrower fails

The appointment of an administrator to Australian Capital Reserve and the Estate Property Group which has reportedly borrowed $300 million from the public by way of unsecured notes has drawn attention again to ASIC's role (this story from The Age) and the usefulness of our consumer protection laws, following Westpoint and Fincorp.

ASIC's response is that on 9 March 2007, ASIC issued an Interim Stop Order on ACR’s 9th prospectus and has since then been kept informed of developments about ACR's financial position.