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Friday 31 July 2015

15-203MR ASIC takes action to remove administrators of failed land banking company

ASIC has commenced proceedings in the Federal Court in Victoria against Mr David Anthony Ross, Mr Richard Albarran and Midland HWY Pty Ltd (Midland HWY) (administrators appointed).

Messrs Ross and Albarran, of Hall Chadwick Chartered Accountants, are the current appointed administrators of Midland HWY. Their appointment on 14 July 2015 is the subject of ASIC's proceeding in which ASIC seeks their removal as administrators or to invalidate the first meeting of its creditors held on 14 July 2015.

On 2 July 2015, Midland HWY appointed Messrs Nicholas John Martin and Craig David Crosbie of PPB Advisory as joint and several administrators. Prior to being placed into voluntary administration on 2 July 2015, Midland HWY was the developer of a land banking scheme known as, 'Hermitage Bendigo' (formerly, 'Acacia Banks'), located just outside of Bendigo, Victoria.

ASIC is concerned that the appointment of Messrs Ross and Albarran, as replacement administrators to Midland HWY, occurred in circumstances  where many investors in  Hermitage Bendigo, who may also be creditors, were not given notice of the first meeting of creditors.

The matter is set down for hearing on Monday, 3 August 2015 at 9.30am.

Editor's note 1:

At the hearing on Monday, 3 August 2015, the Court adjourned the hearing of the proceeding to Wednesday, 5 August 2015 at 9.30am. The Court also made an order adjourning the meeting of creditors of Midland HWY, which was due to be held on Wednesday, 5 August 2015, to Wednesday, 12 August 2015.

Editor's note 2:

On 5 August 2015, ASIC was successful in its proceeding, with Messrs Ross and Albaran resigning as administrators of Midland HWY. The Court made orders by consent that the original administrators, Messrs Martin and Crosbie be reinstated as administrators. The Court also made orders by consent that the second meeting of creditors of Midland HWY be held no later than 7 October 2015 at a location to be determined by Messrs Martin and Crosbie.

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Last updated: 07/08/2015 12:00