We invested a small sum of our Super ($30,000) in units in a property investment company, which did well until a change in management. Last year apparently our units were sold on to a new company, which forwarded a statement showing our holdings now to be zero. Our emails show no notification of any transfer plan, and no option to opt-out and withdraw remaining funds. Also there is no final payment made to our bank account, as claimed. Can we do anything about this, and if so who do we approach?

Hi Patricia,

I would start by trying to get some type of explanation from the company that has issued you the zero balance statement. They will have some form of complaints handeling procedure.

It’s quite likely that the property investment company may have gone broke. What assets they did have remaining were sold to repay some of their debts, leaving nothing for investors like yourself. Unfortunately this is all too common.

If no luck from the company direct you should raise your concerns with ASIC.

Good luck.

James

Hi Patricia,

I think perhaps that James is right and your investment is probably gone. If a liquidator has been appointed then you should have received lots of correspondence from the liquidator advising you what is going on. If this hasnt taken place then you really do need to start asking questions, starting with whoever has written to you to say your investment isnt worth anything.
good luck
bc