Big 4 firms’ liquidator role for property developer expands

Big 4 firms’ liquidator role for property developer expands

Big 4 firms’ liquidator role for property developer expands

ASIC has applied for two partners from a big four firm to be appointed liquidators of 19 companies associated with the Macro Group, of which they were appointed liquidator of last month.

Last month the Federal Court appointed KPMG partners Hayden White and Matthew Woods as liquidators to six companies that make up the Macro Group, and Desiree Macpherson who is a director of all six companies, following an application from ASIC.

ASIC has now applied for Mr White and Mr Wood to be appointed liquidators to an additional 19 'special purpose vehicle' companies associated with the Macro Group, all of which have Ms Macpherson as a director.

ASIC alleges that the 'special purpose vehicle' companies are connected with fundraising efforts for property developments associated with the Macro Group, including The Newman Estate.

ASIC also alleges that the companies have been involved in multiple contraventions of corporations legislation, are not complying with their obligations under that legislation, are not being properly managed, and are suspected to be insolvent.

ASIC’s application has been listed for hearing in the Federal Court of Australia at Perth on Tuesday, 18 July 2017.

Big 4 firms’ liquidator role for property developer expands
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