Settlers Ridge Estate in Gillieston Heights is one of five over 55s retirement villages in the Settler Lifestyle group including two in Western Australia and two in Queensland.

Damien Hodgkinson, of DEM Asia Group, was appointed voluntary administrator of the retirement village group and appointed receivers last month.

Joseph Hansell, Ian Frances and John Park of FTI Consulting were appointed receivers and managers late last month, and issued a statement confirming the business has entered receivership.

"The receivers and managers have taken control of the Settlers Group and intend to conduct the operations of the facilities on a business as usual basis, while a sale campaign for the whole group is conducted on a going concern basis," the statement said.

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"The receivers and managers intend to work with all stakeholders and Settlers Group service providers to ensure that there is no interruption in the delivery of services to the facilities operated by the Settlers Group or the residents."

"The receivers and managers, intend to engage directly with the respective managers at each of the facilities in order to explain the nature and the expected outcome of the appointment.

"At this stage it is too early to provide an estimate of the amount of time it will take to complete the receivership.

"Timing of this process is ultimately determined by how long it takes to bring the properties to market, conduct an orderly marketing campaign and then to assess and decide upon the final offers that have been submitted.

"Regardless, the receivers and managers will ensure that residents are kept informed during the sale process."