The Supreme Court of New South Wales has extended orders preventing the sole director of Palentia, formerly known as Kebbel, from leaving the country and disposing of his assets.
The company had previously been associated with the promotion of the failed Westpoint products.
The orders against Neil Burnard follow the Australian Securities and Investments Commission’s (ASIC) urgent ex parte application on June 2, after the corporate regulator received anonymous information that Burnard intended to emigrate from Australia to the US.
Justice Palmer extended the orders preventing Burnard and Palentia from disposing of their assets until 5 pm on July 25.
The orders permit Burnard and Palentia paying certain expenses, including ordinary living and operating expenses, school fees for Burnard’s children, legal expenses incurred in these proceedings up to set amounts and payments servicing loan facilities with ‘arms length’ financial institutions.
Justice Palmer also made orders restraining Burnard from leaving Australia and is required to deliver all passports to the court.
Meanwhile, Jewel Financial Services (Jewel) manager Michael Cay has been arrested following an investigation by ASIC.
Cay was charged in Wangaratta Magistrates Court with 11 counts of theft, eight counts of obtaining property by deception, one count of obtaining a financial advantage by deception and one count of using a false document.
Cay was refused bail and will appear before the Melbourne Magistrate’s Court on August 16.
