Earlier this month, ASIC obtained orders from the Supreme Court of Queensland to appoint Michael McCann of Grant Thornton as a provisional liquidator to five companies within the Benchmark Private Wealth Group.
These companies are Benchmark Private Wealth, Benchmark Wealth Property Services, Benchmark Private Wealth Holdings, OSK Developments and Young Corporation.
The orders require the provisional liquidator to provide a report to the court within 45 days outlining the financial position of each of the companies so the court can consider whether it ought to make wind-up orders.
In a statement on Tuesday, 21 November, ASIC said that it applied for and obtained the orders on an ex parte basis as a part of an ongoing investigation into the Benchmark Private Wealth Group.
The corporate regulator has solvency concerns about the companies and about their management under director Liam Young.
Further, ASIC is concerned about transactions entered into with a number of other companies which were a part of the Members Alliance Group and their director, Richard Marlborough.