More Westpoint companies liquidated
The Australian Securities and Investments Commission (ASIC) has been granted Federal Court orders to wind up a total of 14 companies associated with the failed Westpoint group.
The orders were granted as a result of two judgements handed down from Justice French.
In the first, Simon Read and Clifford Rocke from PBB in Perth and Ian Carson from PBB in Melbourne were appointed the liquidators of Forestview Nominees.
The second ruling called for the winding up of 13 other Westpoint related companies, including Westpoint Money Management, Westpoint Consulting Group, Bridgeview Holdings, Pagelight Nominees, Westside Brisbane Developments, Eastlands, Goldtag, Asset Build (Aust.), Cinema City Development, Jetstone, Network Company, Kingdream, and Juson.
Both Read and Clifford have been appointed as the liquidators for these entities as well.
The regulator applied to have these Westpoint associated companies wound up on the basis that they were trading while insolvent.
ASIC’s applications for the orders were opposed by Norm Carey and his sister Karen Carey-Hazel.
ASIC executive director of enforcement Jan Redfern said: “ASIC welcomes the findings of Justice French as an important step in unravelling the complex network of companies left behind by the collapse of the Westpoint Group.”
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
