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Simon Parker
SV Partners, the administrator appointed to Refund Home Loans, said it is unable to give a clear indication of what, if any, commission will be repaid to franchisees, a director told The Adviser this morning.
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"What people must realise is that we don't have any funds," David Stimpson, SV Partners director, said. "Not one dollar."
"They [franchisees] want commitments from me that I can't give," he added.
Mr Stimpson said another communication was sent to franchisees late yesterday, updating them of the current situation.
Mr Stimpson said he was currently attempting to have commissions for loans settled after the date of his appointment – October 13 – paid to franchisees. He estimated this currently totaled around $40,000.
Any franchisee commissions for loans settled prior to this date were currently considered unsecured debts.
He said Refund's aggregator currently held the commissions, and would only release the funds based on conditions that he was unable to agree to.
The best result for franchisees would be a sale of the business, something Mr Stimpson said he continued to work towards.
