ASIC v Money for Living (administrators appointed); Haslam v Money For Living

Appeared for ASIC, in winding up the scheme and in subsequent proceedings concerning disputes over the title of properties offered as security for reverse mortgage lending. The case was an early use of ASIC's powers to bring representative proceedings under s50 of the ASIC Act.

The scheme Money For Living Scheme was a scheme promoted to elderly Australians involving reverse mortgage style products. In return for selling the equity in their homes to Money For Living, the owners were provided with a life tenancy in their homes and an income stream. Investors were misled in relation to the value of the income stream, the nature of their remaining interests in their homes, and their rights and entitlements. The scheme was judged to be an unregistered managed investment scheme concerning interests in land. On winding up, a number of secured creditors sought to defeat the interests of property owners. 

The decision granting injunctions restraining the defendant directors is here. 

The decision concerning the nature of the claims of the scheme participants as tenants in possession is here

The decision concerning competing interests of financiers with registered mortgages and the equitable interests of tenants for life in possession is here