Get-rich guru Kaye spared receiver

The Australian Securities and Investments Commission has dropped its legal bid to appoint a receiver to manage Henry Kaye's personal assets. The move follows an agreement between firm Grant Thornton, the liquidator of National Investment Institute and Property Corporate Services, and Kaye. Under the agreement, Grant Thornton will be able to liquidate seven other Kaye companies and place caveats on the property assets of another seven companies. Kaye has transferred control of his shares in the companies. Liquidators Andrew Hewitt and Greg Keith said the agreement was in the best interests of NII and PCS creditors. ASIC said it will continue to investigate Kaye.