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Wednesday 19 July 2017

17-240MR Court orders winding up of 18 companies associated with Macro Group

The Federal Court of Australia has ordered the winding up of 18  companies associated with the Macro Group, all of which have Desiree Veronica Macpherson as a director.

The companies are:

  1. AGKM Green Pty Ltd;
  2. BA Sullivan Pty Ltd;
  3. Christians Holdings WA Pty Ltd;
  4. Ferrous Ferric Pty Ltd;
  5. Macpherson Realty Options Pty Ltd;
  6. Splendiferous Enterprises Pty Ltd;
  7. Aiple Enterprises Pty Ltd;
  8. Brayst WA Pty Ltd;
  9. Chippere Pty Ltd;
  10. EDWY14 WA Pty Ltd;
  11. MCKST Pty Ltd;
  12. Newkins WA Pty Ltd;
  13. Kurst WA Pty Ltd;
  14. MRF Kurra Pty Ltd;
  15. Dee Vee Enterprises Pty Ltd;
  16. Hedland Projects Pty Ltd;
  17. Macro Projects TS PH Pty Ltd; and
  18. Prime Holdings Group Pty Ltd.

Justice Barker made the orders to wind up the companies on the grounds that it would be just and equitable to do so, appointing Mr Hayden Leigh White and Mr Matthew David Woods of KPMG as joint and several liquidators of all 18 companies.

ASIC has concerns that the companies have been involved in multiple breaches of the Corporations Act, were not being properly managed and were potentially insolvent.

The winding up of the  companies is part of ASIC's ongoing investigation into a number of land developments in the Pilbara region of Western Australia, in particular a development known as 'The Newman Estate', which was subject to ASIC action and Federal Court permanent restraint orders in May last year (refer: 16-092MR).

In its application, ASIC alleged that the companies were connected with fundraising efforts for property developments associated with the Macro Group, including The Newman Estate. (refer: 17-173MR)

ASIC had previously obtained orders appointing Mr White and Mr Woods as liquidators of six central companies within the Macro Group, being:

  1. Macro Realty Developments Pty Ltd;
  2. Macro Realty Developments AFSL Pty Ltd;
  3. Macro All State Investments and Securities Ltd;
  4. Pilbara Property Developments Pty Ltd;
  5. Macro Realty Pty Ltd, and
  6. 511 GTN Pty Ltd (refer: 17-161MR).

Background

One of the companies named in ASIC's original application for wind up orders, Macoften Pty Ltd, has, subsequent to ASIC's application, been wound up by another party. Consequently, ASIC's own application to wind up Macoften was discontinued.

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Last updated: 02/08/2017 04:04