Monday 9 October 2006 LAWFUEL – Law Jobs, Law News – The Supreme Court…

Monday 9 October 2006 LAWFUEL – Law Jobs, Law News – The Supreme Court of Queensland has extended orders obtained ex parte by the Australian Securities and Investments Commission (ASIC) on 28 September 2006 preventing Gold Coast couple, Mr Nebojsa Jovicic and Mrs Lisa Jovicic from leaving the country. ASIC took this action as a result of concerns raised by Mr David Stimpson of SV Partners Pty Ltd. Mr Stimpson is the liquidator of Robina Properties (Qld) Pty Ltd and Perpetual Acquisitions Pty Ltd (the companies) which went into liquidation on 25 July 2006. Mr and Mrs Jovicic were associated with both companies.

In a report to creditors, Mr Stimpson stated that the companies obtained loans from private investors and were to use these funds to invest in property developments including the purchase of properties at discounted prices. Mr Stimpson noted that although this did occur to a limited extent it is apparent that a substantial amount of funds cannot be properly accounted for.

The Court also appointed Mr William Fletcher of Bentleys MRI as receiver over the property of Mr and Mrs Jovicic. The orders also restrain Mr Michael Spicer, a former director of the companies, from dealing with his assets. ASIC’s investigations are continuing. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769

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