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***Updated*** The corporate regulator has commenced proceedings in the Federal Court in Victoria to remove two staff from an accounting and business advisory firm as administrators of a failed land banking company.
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ASIC takes action against administrators
31 July 2015
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In a statement, ASIC said it is seeking the removal of David Anthony Ross and Richard Albarran of Hall Chadwick Chartered Accountants as administrators of Midland HWY or to invalidate the first meeting of its creditors held on 14 July 2015.
Mr Ross and Mr Albarran were appointed administrators of Midland HWY on 14 July 2015, with this appointment the subject of ASIC's proceeding.
ASIC said that on 2 July 2015, prior to Mr Ross and Mr Albarran being appointed, Midland HWY appointed Nicholas John Martin and Craig David Crosbie of PPB Advisory as joint and several administrators.
The regulator said it is concerned that the appointment of Mr Ross and Mr Albarran, as replacement administrators of Midland HWY, occurred in circumstances in which many investors in Hermitage Bendigo, who may also be creditors, were not given notice of the first meeting of the creditors.
Prior to being placed into voluntary administration on 2 July 2015, Midland HWY was the developer of a land banking scheme known as 'Hermitage Bendigo' (formerly 'Acacia Banks'), located just outside of Bendigo, Victoria, ASIC said in the statement.
At a hearing on Monday, 3 August 2015, the Court adjourned the hearing of the proceeding to Wednesday, 5 August 2015 at 9.30am. The Court also made an order adjourning the meeting of creditors of Midland HWY, which was due to be held on Wednesday, 5 August 2015, to Wednesday, 12 August 2015.
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