The Australian Securities & Exchange Commission (ASIC) has appointed liquidators to oversee companies involved in land banking schemes associated with notorious property spruiker Jamie McIntyre.
ASIC’s appointment of liquidators comes after it launched proceedings in the Federal Court against McIntyre in Ausgus 2015 in relation to land banking schemes in Victoria.
In launching the court proceedings, ASIC claimed the land banking schemes were “unregistered managed investment schemes” and McIntyre and companies associated with him had been “unlawfully carrying on an unlicensed financial services business.”
ASIC believes around 100 people have invested in the land banking schemes.
ASIC named eight companies as corporate respondents in its court proceedings; Archery Road Pty Ltd, Bendigo
Vineyard Estate Pty Ltd, Secret Valley Estate Pty Ltd, Kingsway South Holdings Pty Ltd, Melbourne Tarniet Estate Pty Ltd, Property Tuition Pty Ltd, Education Holdings Pty Ltd, and Sourcing Property Pty Ltd and today appointed Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte as joint liquidators of those companies.
Wallace-Smith and Woods had been appointed provisional liquidators of the eight companies in October and delivered a report in December recommending the eight companies should be wound up to enable a liquidator to conduct further investigations into their respective affairs and to identify any recoveries which might be made for the benefit of creditors.
The Federal Court also granted ASIC leave to seek orders at the final hearing of the matter that McIntyre be declared a shadow director of each of the corporate respondents and Jamie and Dennis McIntyre be disqualified from managing corporations.
The matter has been adjourned for a further directions hearing on Friday 8 April 2016. A date for the final hearing of the matter has not been set by the court.
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