Bridgecorp crash leaves $450m at risk
Bridgecorp, a high-risk property development group, is the next group to run into turmoil, following the recent succession of collapsed property groups, Fincorp, Westpoint and Australian Capital Reserve. An estimated $450 million is at stake for 18,000 investors, totalling losses in the troubled sector of more than $1.3 billion in the last 18 months. Whilst many shareholders wait anxiously on the outcome of their investments, the trustee of Bridgecorp, Graham Miller of Covenant Trustee Company, said an estimated 30c in a dollar was at least the expected potential outcome and would be “very surprised” otherwise. The fall of Bridgecorp has spurred the Federal Opposition to strengthen enquires relating to the collapse of all failed property groups.