Big 4 firm appointed liquidator for troubled WA developer

The Federal Court has appointed two partners from a big four firm as provisional liquidators of Macro Group companies, as part of an ongoing ASIC investigation into a number of land developments in the Pilbara region of WA.

KPMG partners Matthew Woods and Hayden White have been appointed as joint and several provisional liquidators of Macro Group companies by the Federal Court, following an application from ASIC.

The companies include 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.

ASIC's application was 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.

Mr Woods and Mr White will provide a report to the court within 45 days, including the identification of assets and liabilities of each of the companies, an opinion as to the solvency of each of the companies and the likely return to creditors.

Further, they will report on any suspected contravention of the Corporations Act 2001 by any of the companies or their directors/officers.

The Macro Group companies have already been subject to action from ASIC.

In May last year, 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.

ASIC also obtained various travel restraint and asset preservation orders at this time.

 

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