media release (17-062MR)

Court appoints provisional liquidator to Macro Group Companies

Published

Following an application by ASIC, the Federal Court of Australia has ordered the appointment of Mr Hayden White and Mr Matthew Woods of KPMG as joint and several provisional liquidators of Macro Realty Developments Pty Ltd, Macro Realty Developments AFSL Pty Ltd, Macro All State Investments and Securities Ltd, Pilbara Property Developments Pty Ltd, Macro Realty Pty Ltd, and 511 GTN Pty Ltd. Ms Desiree Veronica Macpherson is a Director of all of these companies.

ASIC's application for the appointment of provisional liquidators was based on a number of concerns, including that the companies had been involved in multiple contraventions of the corporations legislation and are not complying with their obligations under that legislation, were not being properly managed and are suspected to be insolvent.

Justice Barker, having regard to ASIC's concerns, ordered the appointment of provisional liquidators to the companies. Under the orders made, the provisional liquidators are to provide to the court within 45 days a report which includes:

  • the identification of the assets and liabilities of each of the companies;
  • an opinion as to the solvency of each of the companies;
  • the likely return to creditors and any other information necessary to enable the financial position of the companies to be assessed; and
  • any suspected contravention of the Corporations Act 2001  by any of the companies or their directors/officers.

The Court has listed the matter for a case management conference on 30 May 2017.

ASIC had previously obtained a range of interim orders in the Perth Federal Court on 21 July 2016 restraining Ms Macpherson and the Macro Group Companies (except 511 GTN Pty Ltd) from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business. ASIC also obtained various travel restraint and asset preservation orders at this time (refer: 16-258MR).

The provisional liquidator appointment is part of ASIC's ongoing investigation into a number of land developments in the Pilbara region of WA, one in particular known as "The Newman Estate", which was subject to ASIC action and Federal Court permanent restraint orders in May last year (refer: 16-092MR).

ASIC's investigation is ongoing.

Media enquiries: Contact ASIC Media Unit