It has been revealed that the Anglican Development Fund (Bathurst Diocese) owes approximately $39.3 million to its creditors.
Joint and several receivers and managers of the Anglican Development Fund (Bathurst Diocese), McGrathNicol partners Joseph Hayes and Barry Kogan, have taken some of the assets of the Anglican Development Fund and made initial payments to creditors.
A spokesperson for McGrathNicol said that as a result of further recoveries, notice of intention to declare a second distribution was advertised on October 8.
He said the Anglican Development Fund acted primarily as a financial intermediary.
Money raised by the ADF was on-lent to schools, other educational institutions and parishes within the Bathurst Diocese.
The ADF was incorporated in 1999 as a fund under the Anglican Church of Australia (Bodies Corporate) Act 1938 (NSW).
The second interim distribution is expected to be declared at the end of this month.
Creditors whose debts or claims have not already been admitted are required, on or before October 29, to formally prove their debts or claims.
A creditor of the Anglican Development Fund who fails to lodge a formal proof of debt or claim by October 29 will be excluded from the benefit of any recommendation for payment made by the receivers to the court.
The spokesperson said the receivers and managers have conducted investigations into the affairs of the ADF. As a result of these investigations, the receivers and managers have started legal proceedings against certain ADF board members and various related parties.
In July, McGrathNicol confirmed court proceedings had been brought against the former Anglican Bishop of Bathurst, Richard Hurford, and current Bishop Ian Palmer following an investigation into the affairs of the development fund.
The receivers also confirmed they had started legal proceedings against certain members of the ADF board (Bathurst Diocese) and various related parties.
A 15-day hearing has been set for April 2015.