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Westpoint boss' assets on ice

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ASIC secures order on Westpoint boss Norman Carey.
The corporate regulator has secured a court order to keep the assets of Westpoint kingpin Norman Carey on ice.

ASIC obtained orders in the Federal Court of Australia in Perth on Tuesday which extend previous orders preserving the assets of Carey and other entities associated with the Westpoint Group of companies.
 
The court made various receivership and freezing orders as to the assets of Carey and other entities associated with him and his family (Richstar Enterprises Pty Ltd, Bowesco Pty Ltd, Keypoint Developments Pty Ltd, Silkchime Pty Ltd and Healthcare Properties Pty Ltd).

The orders apply until 31 January 2008. The assets were originally subject to asset preservation orders made during 2006 and subsequently extended on 29 January 2007.

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Apart from one matter regarding a transfer of funds from Healthcare Properties Pty Ltd to Carey, the orders were made with the consent of the parties.

ASIC sought the orders following its concerns that the assets associated with Westpoint may disappear without the knowledge of the group's creditors and investors.

The revised asset preservation orders update the court's previous orders by further defining and focusing the role of the Court-appointed receiver / supervisor while still preserving the assets which were previously the subject of the orders.

The orders also secure the assets of a further 26 entities associated with Carey and Westpoint.

The precise asset position of these additional entities is yet to be determined.

ASIC did not pursue an extension of the previous Court orders made against two companies associated with Westpoint, being Westpoint Realty Pty Ltd (In Liquidation) and Redchime Pty Ltd.

An extension of the orders in relation to Westpoint Realty was not sought because the company is now in liquidation and is, therefore, under the control of the liquidators appointed to that company.

ASIC did not seek an extension in relation to Redchime having regard to the report of the receiver, dated 14 June 2007, filed with the Federal Court, and since ASIC has completed its existing investigations.

The existing orders in relation to Carey's fellow Westpoint directors, Richard Beck and Graeme Rundle have been extended to 12 September 2007. The orders against John Dixon have been extended to 26 September 2007.

 

Westpoint boss' assets on ice
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