Westpoint wind-up continues
A further 15 companies related to the collapsed Westpoint Group are likely to be wound up, after the corporate regulator commenced proceedings in the Federal Court.
The Australian Securities and Investments Commission (ASIC) contended the companies were insolvent and sought the appointment of liquidators.
The companies include Forestview Nominees Pty Ltd (receiver and manager appointed), Bowesco Pty Ltd (receiver and manager appointed), Eastlands Pty Ltd, Goldtag Pty Ltd (controller appointed), Westpoint Money Management Pty Ltd, Asset Build (Aust) Pty Ltd, Cinema City Development Pty Ltd, Westpoint Consulting Group Pty Ltd, Jetstone Pty Ltd, Network Company Pty Ltd, Pagelight Nominees Pty Ltd, Kingdream Pty Ltd (receiver and manager appointed), Juson Pty Ltd ACN, Bridgeview Holdings Pty Ltd and Westside Brisbane Developments Pty Ltd.
ASIC’s database records Norman Carey as the ultimate shareholder of these companies, except for Westpoint Money Management, Pagelight Nominees, Kingdream, Juson and Westside Brisbane Developments.
The sole shareholder of each of those five companies is Westpoint Corporation Pty Ltd (in liquidation).
Carey is also recorded as a director of all companies except Bowesco, where Karen Carey is a sole director.
The applications will return to court on August 11 for a directions hearing.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
