Monday 7 August 2006 06 – LAWFUEL – Law News Daily – The Australian …

Monday 7 August 2006 06 – LAWFUEL – Law News Daily – The Australian Securities and Investments Commission (ASIC) has applied to wind up companies associated with ‘financial mentor’, Mr Andrew Carr, of Ashgrove in Brisbane.

The companies are Nimshay Pty Ltd, trading as ‘Superior Wealth Creation’ and ‘Superior’, Bay Investments Pty Ltd, Baynoosa Pty Ltd, Lenlil Pty Ltd, Baylink Investments Pty Ltd and Nimshay Holdings Pty Ltd. ASIC has also applied for a declaration that Mr Carr carried on a financial services business without holding an Australian Financial Services Licence and an injunction permanently restraining him from doing so in future.

At hearings on 24 and 26 July 2006, ASIC was granted leave to apply for winding up of the companies. The existing freezing orders against Mr Carr and the companies, first obtained in June 2006, were extended with a variation allowing the Receivers and Managers of the companies, Mr Ian Hall and Mr Stephen Longley of PricewaterhouseCoopers in Brisbane, to deal with the assets.

On 27 July 2006, ASIC filed an amended application seeking the winding up of the companies and the declaration and injunction against Mr Carr. The matter will return to Court on Friday 18 August 2006. Further background is available in ASIC Media Release 06-182: ASIC obtains injunctions and orders against ‘financial mentor’ and associated companies. For further information contact: Angela Friend ASIC Media Unit Telephone: 03 9280 3338 Mobile: 0412 058 800

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