Provisional liquidator appointed to Macro Group companies

The Australian Securities and Investments Commission (ASIC) announced it has applied to the Federal Court of Australia for the appointment of a provisional liquidator to six companies within the Macro Group, all of which have Desiree Veronica Macpherson as a director. These are:
  • 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 (under external administration since 14 April 2016).
In particular, ASIC:
  • alleges that the companies have been involved in multiple contraventions of corporations legislation and are not complying with their obligations under that legislation; and
  • is concerned that the companies are not being properly managed and are suspected to be insolvent.
ASIC seeks from the court:
  • the appointment of Hayden White and Matthew Woods of KPMG as provisional liquidators of the companies; and
  • orders requiring the provisional liquidator to provide a detailed report to the Court that sets out, among other things, the financial position of each of the companies so the Court can consider at a later date whether it ought to make orders to wind up the companies.
ASIC’s application has been listed for hearing in the Federal Court of Australia at Perth on 14 March 2017 at 10:15am.

ASIC had previously obtained a range of interim orders in the Perth Federal Court on 21 July 2016 restraining Ms Macpherson and 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.

The provisional liquidator appointment is sought as part of ASIC’s ongoing investigation into a number of land developments in the Pilbara region of Western Australia, particularly one known as ‘The Newman Estate’ that was subject to ASIC action and Federal Court permanent restraint orders in May 2016.

ASIC’s investigation is ongoing.

Leave a Reply

Your email address will not be published. Required fields are marked *