Asset Preservation Orders Against Norman Carey And Related Entities Extended – Business Law

LAWFUEL – The Legal Newswire – The Australian Securities and Investments Commission (ASIC) yesterday obtained orders in the Federal Court of Australia in Perth which have the effect of extending orders preserving the assets of Mr Norman Phillip Carey and other entities associated with the Westpoint Group of companies.

The Court made various receivership and freezing orders as to the assets of Mr Carey and other entities associated with him and his family (Richstar Enterprises Pty Ltd, Bowesco Pty Ltd, Keypoint Developments Pty Ltd, Silkchime Pty Ltd and Healthcare Properties Pty Ltd). The orders apply until 31 January 2008. These assets were originally subject to asset preservation orders made during 2006 and subsequently extended on 29 January 2007. Apart from one matter regarding a transfer of funds from Healthcare Properties Pty Ltd to Mr Carey, the orders were made with the consent of the parties.

ASIC sought the orders as a result of its continuing concerns that the assets associated with the Westpoint Group may be shifted or dissipated to the detriment of the Westpoint Group’s creditors and/or investors.
The revised asset preservation orders streamline the Court’s previous orders by further defining and focusing the role of the Court-appointed receiver / supervisor while still preserving the assets which were previously the subject of the orders. The revised orders also secure the assets of an additional 26 entities associated with Mr Carey and/or the Westpoint Group, although the precise asset position of these additional entities is yet to be determined*.

ASIC did not pursue an extension of the previous Court orders made against two companies associated with the Westpoint Group, being Westpoint Realty Pty Ltd (In Liquidation) and Redchime Pty Ltd. An extension of the orders in relation to Westpoint Realty was not sought because the company is now in liquidation and is, therefore, under the control of the liquidators appointed to that company. ASIC did not seek an extension in relation to Redchime having regard to the report of the receiver, dated 14 June 2007, filed with the Federal Court, and since ASIC has completed its existing investigations.

The existing orders in relation to Mr Cedric Richard Palmer Beck and Mr Graeme John Rundle have been extended to 12 September 2007, and the orders against Mr John Norman Dixon have been extended to 26 September 2007.
*Additional 26 entities:
1. Dockpride Pty Ltd atf Dockpride Unit Trust;
2. Earlmist Pty Ltd atf Earlmist Unit Trust;
3. Rompride Pty Ltd atf Erley Unit Trust;
4. Etnas Pty Ltd atf Etnas Trust;
5. Heca Nominees Pty Ltd atf Heca Nominees Trust Deed;
6. Jevwood Pty Ltd atf HH Unit Trust;
7. Huntingdale Village Pty Ltd as trustee for (atf) Huntingdale Village Unit Trust;
8. Midpride Pty Ltd atf Midpride Trust;
9. Mossregal Pty Ltd atf Mossregal Unit Trust;
10. Westpoint Management Limited atf Paragon Commercial Syndicate (formerly Centreways Property Trust Deed);
11. Slatetop Holdings Pty Ltd atf Rockdale Property Trust;
12. Vannin Pty Ltd atf Vannin Trust;
13. Cinema City Investments Pty Ltd;
14. Dockpride Pty Ltd;
15. Dosius Pty Ltd;
16. Etnas Pty Ltd;
17. Heca Nominees Pty Ltd;
18. Jevwood Pty Ltd;
19. Mossregal Pty Ltd;
20. Paquero Pty Ltd;
21. Sunchance Pty Ltd;
22. Vannin Pty Ltd;
23. Video Management Pty Ltd;
24. Westpoint Financial Services Pty Ltd;
25. Creations Management Pty Ltd atf Creations Management Trust; and
26. Bridgeview Holdings Pty Ltd.
For further information contact:
Jan Redfern
Executive Director, Enforcement
Telephone: 02 9911 2191
Mobile: 0411 119 210
Angela Friend
ASIC Media Unit
Telephone: 03 9280 3338
Mobile: 0412 058 800

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