Judgement day looms for property spruiker
A further development has taken place in ASIC’s case against one of Australia’s most notorious property spruikers, with provisional liquidators poised to deliver a report on his land banking schemes before the end of next month.
The Federal Court this week made interim orders appointing provisional liquidators to companies associated with well-known property spruiker Jamie McIntyre and his 21st Century land banking companies.
The provisional liquidators have been ordered to provide a report to the court, ASIC and the respondents within 42 days (by 19 November) reporting on a number of matters including the solvency of the companies and the schemes, any money owing to investors and the likely return to creditors of the companies.
Simon Alexander Wallace-Smith and Robert Scott Woods of Deloitte have been appointed as provisional liquidators to corporate respondents to ASIC’s legal action commenced in August.
Injunctions were made preventing all of the respondents, including Jamie McIntyre and Dennis McIntyre, from promoting the five schemes ASIC is concerned about. They are: Botanica, Secret Valley Estate, Oak Valley Lakes Estate & Resort, Bendigo Vineyard Estate & Resort and Melbourne Grove Estate.
Jamie McIntyre, Dennis McIntyre and the companies all agreed to the orders made yesterday.
The decision comes after ASIC obtained an urgent injunction in the Federal Court last month against two companies associated with Jamie McIntyre: 21st Century Property (officially known as Property Tuition) and 21st Century Education (officially known as Education Holdings).
The regulator has alleged that the two 21st Century Group companies promoted the proposed investment with the tagline: "Do you know how to buy Australian property, no money down?"
ASIC alleged that the investment documents are “misleading and deceptive”.
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