The Federal Court has declared several land banking developments to be unregistered managed investment schemes, and a Deloitte partner and consultant have been appointed as joint liquidators in the case.
Deloitte appointed liquidator in messy land banking case
ASIC announced today the Federal Court has declared land banking developments operated by Jamie and Dennis McIntyre were unregistered managed investment schemes.
Simon Wallace-Smith and Robert Woods of Deloitte have been appointed as joint liquidators of the unregistered managed investment schemes.
The court made orders that Jamie and Dennis McIntyre be disqualified from managing corporations and restrained from carrying on financial services for a period of 10 years each, ASIC said.
This is due to them being officers of companies that had failed, by virtue of them being wound up, and which had also repeatedly contravened the Corporations Act, ASIC added.
Both Jamie and Dennis McIntyre agreed to the banning orders made against them.
Further, the court made orders to wind up the unregistered managed investment schemes, which were promoted and advertised by the 21st Century land banking companies.
ASIC noted Jamie McIntyre refers to his companies as the '21st Century Group'. 21st Century Group Pty Ltd (ACN 108 150 545) is not a defendant to the proceeding, and ASIC stated it is not aware of any connection between 21st Century Group Pty Ltd and the defendants.
The unregistered managed investment schemes are known as:
• Botanica, located at 805 Archer Rd, Kialla, Victoria 3631
• Secret Valley Estate, located at 955, Old Sydney Road, Bylands, Victoria 3762
• Oak Valley Lakes Estate & Resort, located at 124 Booth Road, Brookhill, Townsville, Queensland 4816
• Bendigo Vineyard Estate & Resort, located at 51 Andrews Road, Bendigo, Victoria 3551
• Melbourne Grove Estate, located at 1491 Dohertys Road, Mount Cottrell, Victoria 3024
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