ASIC moves to wind up 12 companies linked with NSW accountant

In a public statement, ASIC said it has taken this action as it held concerns about the management and affairs of these companies.

The companies include:

• Ironbark Holdings Australia Pty Ltd
• Great Northern Developments Pty Ltd
• GND Construction Management Pty Ltd
• Great Northern Bundaberg Pty Ltd
• Great Northern Investments Pty Ltd
• Great Northern Morayfield Pty Ltd
• Great Northern Phoenix Group Pty Ltd
• Great Northern Properties Pty Ltd
• Great Northern Victoria Pty Ltd
• Ironbark Energy Pty Ltd
• Knightsbridge Realty Pty Ltd
• Richmond Corporation Pty Ltd

ASIC said one of its concerns is that the companies allegedly continue to raise funds in circumstances where the application of the money raised from investors is unclear.

It was also a concern that the companies had unsecured interest-bearing liabilities to investors that significantly exceeded the companies' known assets.

ASIC said that the companies failed to comply with statutory obligations to prepare and lodge audited financial statements for the financial years ending 30 June 2022 to 30 June 2025, in accordance with ASIC’s directions issued under sections 294 and 321 of the Corporations Act.

The corporate regulator also said that the companies showed limited signs of business income or commercial activity, and developments associated with the companies have not progressed.

ASIC’s applications for the appointment of provisional liquidators and final winding up relief are not yet listed for hearing.

The matter would be before the court on 13 April 2026 for directions.

ASIC’s investigation of fundraising for the companies and the application of monies raised is continuing.

Edwards was previously banned from providing financial services for 10 years in September 2025, including from controlling or performing functions in a financial services business.

ASIC said it made the banning order after finding that Edwards had carried on a financial services business without a licence, including by providing financial product advice to his accounting and legal clients and arranging for them to invest in companies he controlled.

"In this respect, ASIC found Mr Edwards’ conduct in approaching his accounting and legal clients and making recommendations that they invest in companies which he controls was particularly serious," ASIC said.

One of the companies subject to ASIC’s recent application, Great Northern Developments Pty Ltd, was involved in previous wind-up proceedings by ASIC for contraventions of sections 727, 283AC and 601ED of the Corporations Act 2001 (Cth).

"ASIC was substantially successful in establishing contraventions of sections 727 and 283AA. The Court exercised its discretion on that occasion not to wind up the company, citing factors including the potential impact on the value of the company’s projects," ASIC said.

Following the court’s decision, ASIC said investors who elected to continue with their investments were transferred into registered managed investment schemes operated by La Trobe Financial Asset Management Limited. Investors who did not wish to join the schemes were repaid their original investments, it said.