ASIC Obtains Injunctions & Orders Against John Georgiadis And His Companies

LAWFUEL – The Legal Newswire – On 6 September 2007, the Supreme Court of Queensland in Brisbane continued, by consent, ex parte orders obtained by the Australian Securities and Investments Commission (ASIC) on 29 August 2007 against Mr John Georgiadis, Sunshine Shoes Wholesale Pty Ltd (Sunshine Shoes), MG Properties (QLD) Pty Ltd (MG Properties) and Annavas Pty Ltd. Mr Georgiadis is a director of Sunshine Shoes, MG Properties and Annavas.

ASIC obtained the orders upon commencing a broader investigation into the conduct of Mr Georgiadis and Fossmere Pty Ltd (In Liquidation), a company of which Mr Georgiadis was formerly a director. Liquidators had been appointed to Fossmere by Order of the Federal Court of Australia on 19 October 2006, following an application by the Australian Tax Office as creditor of Fossmere.

ASIC alleges that Mr Georgiadis may have been involved in potential phoenix activity and suspected breaches of the Corporations Act involving his duties as a director.On 29 August 2007, Justice Lyons of the Supreme Court made orders:

• restraining Mr Georgiadis from leaving Australia;
• requiring Mr Georgiadis to surrender his passport to the Registry by 4:00 pm on 31 August 2007;
• freezing Mr Georgiadis’ personal bank accounts as well as those of Sunshine Shoes, MG Properties and Annavas; and
• restraining Mr Georgiadis and Sunshine Shoes, MG Properties and Annavas from dealing with any held property.The matter returned to the Supreme Court on Thursday 6 September 2007 and was adjourned, by consent, until 17 September 2007 with the orders continuing. ASIC has consented to the appointment of a supervising accountant to oversee the business of Sunshine Shoes pending the outcome of its investigations or until further ordered.
ASIC’s investigations are continuing.

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