The Federal Court has appointed liquidators to oversee eight companies associated with controversial property spruiker Jamie McIntyre and his real estate group.
The decision is part of legal action bought against McIntyreby the Australian Investment and Securities Commission (ASIC) relating to land banking schemes in Victoria.
The court passed the orders yesterday, appointing Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte as provisional liquidators to 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.
The provisional liquidators have been ordered to provide a report to the court, ASIC and the respondents by 19 November 2015 detailing the solvency of the companies and the schemes, any money owing to investors and the likely return to creditors of the companies.
The court also passed injunctions preventing the eight companies, as well as Jamie McIntyre and Dennis McIntyre, from promoting five land banking schemes in Victoria.
The schemes are; Botanica, Secret Valley Estate, Oak Valley Lakes Estate & Resort, Bendigo Vineyard Estate & Resort and Melbourne Grove Estate.
Jamie McIntyre, Dennis McIntyre and the companies all agreed to the court’s orders.
ASIC commenced investigations into the schemes in August as part of a wider investigation into land banking in Australia.
The watchdog claims there are currently around 100 investors who have committed to the schemes.
Last week Jamie McIntyre was the subject of an intense federal Senate hearing into land banking
, where Labor Senator Sam Dastyari called him a “con man.”
Land-banking is a real estate investment scheme involving the acquisition of large blocks of land by a promoter or developer of the scheme, often in undeveloped rural areas, who then offer portions of the land to investors.
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