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Two big four firm partners have now been appointed liquidators to a property group, with the Federal Court ordering they be wound up.
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Big 4 firm locked in as liquidators for WA developer
31 May 2017
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Yesterday, ASIC announced that the Federal Court of Australia appointed KPMG partners Hayden White and Matthew Woods as liquidators to Macro Realty Developments Pty Ltd, Macro Realty Developments AFSL Pty Ltd, Macro All State Investments and Securities Ltd, Pilbara Property Developments Pty Ltd, Macro Realty Pty Ltd and 511 GTN Pty Ltd ('Macro Group'), and Desiree Macpherson who is a director of all of these companies.
In March, Mr Woods and Mr White were appointed provisional liquidators following an application from ASIC based on a number of concerns, including that the companies had been involved in multiple contraventions of the Corporations Act 2001, that they are not complying with their obligations under that legislation and are suspected to be insolvent.
Justice Michael Barker of the Federal Court has now ordered that the Macro Group companies be wound up, mostly on the basis that the companies are insolvent.
The Macro Group companies have already been subject to action from ASIC.
In May 2016, the Federal Court of Australia permanently restrained the marketing and promotion of a proposed Pilbara property investment by Macro Realty Developments Pty Ltd, known as The Newman Estate.
Then in July, ASIC obtained a range of interim orders in the Perth Federal Court, restraining the Macro Group companies (except 511 GTN Pty Ltd) from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business.
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ASIC also obtained various travel restraint and asset preservation orders at this time.
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