Receivers appointed to Rural Super bonds scheme

Apple Fields attempts to thwart the wind up of the Rural Super Bonds scheme has forced Tower Trust to call in the receivers.

Tower Trust (formerly Trustees Executors) says it has appointed either receivers or a property manager to 68 Apple Fields' subsidiary companies. These companies each own a share of the eight properties over which the scheme has security.

The decision to appoint receivers brings to a head an already acrimonious wind-up process which has been before the courts three times already and cost about $900,000.