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14-024MR Court freezes assets and restrains travel following collapse of the Charterhill group

Thursday 6 February 2014


Following an application by ASIC, the Federal Court in Adelaide yesterday froze all assets owned or otherwise held by the founder of the Charterhill group of companies, George Nowak, and his wife, Betty Nowak.

The court also ordered the surrender of Mr and Mrs Nowak's passports and restrained their travel out of Australia, as ASIC investigates the collapse of the Charterhill group, which specialises in assisting clients to invest in property through self-managed superannuation funds (SMSFs).

ASIC's application was brought under section 1323 of the Corporations Act 2001 and followed steps taken by ASIC last week to secure Mr Nowak's passport by agreement and to obtain an undertaking from him that he would not dispose of or otherwise deal with any assets.

The following companies in the Charterhill Group have been placed under external control:

ASIC is investigating the management and activities of the Charterhill group, which operated as a 'one stop shop', providing advice to clients on the establishment of SMSFs, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.

ASIC will not be making any further comment on its investigation at this time.

Information for clients and creditors of companies in the Charterhill Group


EJ Property Pty Ltd (formerly known as Charterhill Pty Ltd) was an authorised representative of Capital FP Group Pty Ltd (ACN 154 072 287) (Capital FP) which holds an Australian financial services licence. If you have not already raised your concerns through Capital FP's internal dispute resolution (IDR) process, you may do so by contacting them at:


If you do not receive a response or you are not happy with the outcome of the IDR process you should contact Capital FP's external dispute resolution (EDR) scheme at:


If you are a creditor of Nova Real Estate or Lending Solutions International, you should lodge a proof of debt with the administrator Heard Phillips. Heard Phillips can be contacted on (08) 8212 3433 or by email to Chris Moody, at cmoody@heardphillips.com.au. You can also see notices lodged by administrators and liquidators, such as notices of meetings, by searching ASIC’s Insolvency Notices website www.insolvencynotices.asic.gov.au.


Background


ASIC has recently issued a number of public notices concerning the SMSF industry in Australia:


Editor's note:
ASIC has suspended the Australian financial services licence of Charterhill Group company, Capital FP Group Pty Ltd until 30 November 2014 on the grounds that the company is not carrying on a financial services business.

Under section 915H of the Corporations Act 2001, ASIC has specified that the AFS licence is to continue in effect as though the suspension had not happened for the limited purposes of:



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