The Supreme Court of Queensland has re-affirmed the appointment of receivers and managers to an unregistered property investment scheme and extended orders to preserve the assets of the scheme while further investigation by the regulator takes place.
The scheme was operated by the Max Development Group (formerly the Glen Group) and raised funds from members of the public for the purpose of investing in property developments in Queensland and Tasmania.
Approximately 40 investors contributed $3 million to the unregistered operation, which began in 2002.
The managers of the scheme facilitated investment dollars in some cases by arranging finance and the establishment of self-managed super funds through which people could roll over their existing superannuation entitlements for allocation to the property investments on offer.
Original orders against Max Developments were obtained by the Australian Securities and Investments Commission (ASIC) at the end of February this year.
The Supreme Court has once again ordered PPB Accountants to be appointed as the receivers and managers of the property of Kevin Maxwell, Warren Maxwell and companies associated with the scheme being Jasmine Ink, Max Qld Development Group, and Macquarie Longford Estate.
In addition the aforementioned parties are still not permitted to promote or operate the scheme or deal with the personal and company assets until further ordered.
