Westpoint asset freezing orders extended
The Australian Securities and Investments Commission (ASIC) has extended the asset freezing orders against the Westpoint directors and associated companies while its investigations continue.
ASIC sought the extension because it feared the assets associated with the failed property group could be dispersed to the detriment of creditors.
The Perth Federal Court ruled that the orders previously made against the following people and companies would be extended until June 30, 2007:
• Norman Carey;
• Richstar Enterprises;
• Westpoint Realty;
• Bowesco;
• Redchime; and
• Keypoint Developments.
This is despite Carey, head of Westpoint, proposing an alternative regime of court-appointed supervision.
Orders against Graeme Rundle, Cedric Beck and John Dixon were extended by consent, with Rundle agreeing to an extension to June 16, while Beck and Dixon agreed to an April 20 extension.
In addition, and at ASIC’s request, the court ordered that receivers be appointed to Silkchime and that an asset preservation order be made in relation to Healthcare Properties.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
