Restraint Orders On Alan Bradley Jorgensen Lifted By Supreme Court of Queensland – ASIC Announcement

LAWFUEL – The Legal Newswire – The Supreme Court of Queensland, in Brisbane, has lifted, by consent, orders preventing Mr Alan Bradley Jorgensen, a director of Jim’s Water Tanks Pty Ltd (JWT), from leaving Australia.

On 12 September 2007 the orders were lifted in consideration of Mr Jorgensen’s undertaking to the Court that he:

• will return to Australia on or before 4 October 2007;
• will lodge with ASIC a written itinerary of his international travel;
• file with the Court, on or before 5 October 2007, an affidavit outlining the status of the design, production, transport and delivery of water tanks by JWT and/or by Mijac Investments Pty Ltd trading as JWT Finance (Mijac).

ASIC consented to the orders after convincing Mr Jorgensen to put in place arrangements which might fulfil JWT’s obligations to its customers. These arrangements have included the execution of a sub-contract agreement, between JWT and Mijac, whereby Mijac has undertaken to transport water tanks, post manufacture, from China and deliver to and install the tanks with JWT’s customers. Mijac is a company under the direction and control of Mr Jorgensen’s brother, Mr Brian Jorgensen, who has provided financing for Mijac to undertake these activities.
On the evening of 13 August 2007, ASIC obtained ex parte injunctions against JWT, Mr Alan Jorgensen and his wife, Mrs Linya Jorgensen (also known as Zhi Li), upon the commencement of a broader investigation into the conduct of Mr Alan Jorgensen and JWT, following a referral from the Queensland Office of Fair Trading. These orders were extended at contested hearings before the Supreme Court on 22 August 2007 and 5 September 2007.Justice Douglas of the Supreme Court continued, by consent, the orders ASIC had previously obtained:

• freezing personal bank accounts held by Mr Alan Jorgensen and Mrs Jorgensen as well as bank accounts held by JWT;
• restraining Mr Alan Jorgensen, Mrs Jorgensen and JWT from dealing with any payments from customers of JWT; and
• restraining Mr Alan Jorgensen and Mrs Jorgensen from dealing in any way with their home at Clifton Beach, near Cairns.
The matter will return to Court on 12 October 2007. ASIC’s investigations are continuing.

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