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.