The film is based on Perfect Victim, a book by Elizabeth Southall and Megan Norris that looked into the mysterious disappearance and murder of a dreamy, ballet-loving teenage girl named Rachel (co-author Southall's daughter). It seems that a childhood friend of the girl developed serious mental problems and eventually hatched a scheme to assume Rachel's identity. Pearce will be playing Rachel's father and Mirando Otto, the sword-wielding Eowyn in two of the Lord of the Rings films, has been cast as her mother. The ever-reliable Sam Neill and Rebecca Gibney are also featured as the disturbed girl's parents.
Reportedly the book is based on the journals kept by Rachel's mother after her daughter disappeared. I hope I'm not giving anything away by noting that Rachel was murdered in 1999; though I haven't read the book, it appears that it begins with that fact, and the case was widely-reported in Australia. First-time director Simone North is a veteran producer; Thom Mount will co-produce and the legendary Sidney Lumet will act as North's mentor (Monica wrote about Mount's new production company Reliant Pictures a while back). The project has the blessing of Rachel's parents; the source material certainly suggests a powerful drama will be coming soon.