things we never knew, now we can't ignore, page-3

I found where I heard it, on another forum about other schemes. This is not all my quote:

"Banks to grab growers' assets

"This judgement in re Enironinvest bodes ominously for growers. Essentially the schemes' assets can be taken by the liquidator and used to pay the Banks.

For the purpose of winding up the schemes, I have found that the leases and trees standing on the allotments leased by growers investing in the registered schemes may be dealt with by the scheme liquidator in the winding up process. The trees are scheme property for that purpose and the leases may be terminated under cl 34.4 of the PYEP constitution and the corresponding provisions in the other constitutions.

http://www.austlii.edu.au/cgi-bin/si...=environinvest


The above also states:

92 Notwithstanding the attempt to isolate the trees from the definition of scheme property in the scheme documents, the Act does not permit that outcome. The Act defines scheme property and requires the responsible entity to ensure that scheme property is clearly identified as scheme property.
93 Section 9 of the Act defines scheme property:

"scheme property" of a registered scheme means:
(a) contributions of money or money's worth to the scheme; and
(b) money that forms part of the scheme property under provisions of this Act or the ASIC Act; and
(c) money borrowed or raised by the responsible entity for the purposes of the scheme; and
(d) property acquired, directly or indirectly, with, or with the proceeds of, contributions or money referred to in paragraph (a), (b) or (c); and
(e) income and property derived, directly or indirectly, from contributions, money or property referred to in paragraph (a), (b), (c) or (d).


So trees are part of project assets no matter what GTP ever said and can be used to pay costs. It also says:

94 Section 601FC of the Act provides:

(1) In exercising its powers and carrying out its duties, the responsible entity of a registered scheme must:
(i) ensure that scheme property is:
(i) clearly identified as scheme property; and
(ii) held separately from property of the responsible entity and property of any other scheme; and
(j) ensure that the scheme property is valued at regular intervals appropriate to the nature of the property; and
(k) ensure that all payments out of the scheme property are made in accordance with the scheme's constitution and this Act; and...[16]

That's not what GTP said, wrote or otherwise implied to investors. So much for growers rights...

But it also said each project has to be assessed on its viability before any application to be wound up."