Federal Court takes action against property spruiker

Federal Court takes action against property spruiker

17 March 2016 by Staff Reporter 0 comments

Liquidators have been appointed to companies associated with a notorious property spruiker.

In a statement today, ASIC announced that the Federal Court of Australia has made orders appointing liquidators to companies associated with Jamie McIntyre and 21st Century land banking companies.

According to ASIC, Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte have been appointed as joint liquidators to the corporate respondents to ASIC’s proceeding that commenced in August 2015.

The corporate respondents are:
1. Archery Road Pty Ltd (ACN 162 921 735)
2. Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)
3. Secret Valley Estate Pty Ltd (ACN 602 817 532)
4. Kingsway South Holdings Pty Ltd (ACN 159 230 976)
5. Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)
6. Property Tuition Pty Ltd (ACN 129 421 281)
7. Education Holdings Pty Ltd (ACN 129 551 917)
8. Sourcing Property Pty Ltd (ACN 602 474 779)

Mr Wallace-Smith and Mr Woods were appointed provisional liquidators of the corporate respondents on 7 October, the regulator said.

“Mr Wallace-Smith and Mr Woods stated in their report dated 15 December 2015 that each of the corporate respondents are insolvent and recommended that each should be wound up to enable a liquidator to conduct further investigations into their respective affairs and to identify any recoveries which might be made for the benefit of creditors,” it said.

The Federal Court also granted ASIC leave to seek orders at the final hearing of the matter that Jamie McIntyre be declared a shadow director of each of the corporate respondents and that Jamie and Dennis McIntyre be disqualified from managing corporations.

The matter has been adjourned for a further directions hearing at 10:15am on Friday 8 April 2016. A date for the final hearing of the matter has not been set by the court.

ASIC highlighted that its proceedings are part of a wider and ongoing investigation into land banking.

[Related: Regulator obtains urgent injunction against property spruiker]

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