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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
