companies that have collectively raised $4 million for Melbourne property projects have been wound up by the corporate watchdog.
ASIC obtained orders in the Supreme Court of Victoria to wind up Business Strategies No 5 Fund and its subsidiary companies Business Strategies No 6, Paraville and Dingley Developments.
Under a prospectus issued in September 2003, Business Strategies No 5 Fund raised $3 million for the first stage of a retirement village development in Taylors Hill.
Under a prospectus issued in April 2004, Business Strategies No 6 Fund raised $1 million to build in Point Cook.
ASIC took action after breaches of the Corporations Act were reported.
The regulator was concerned about the management of the group by its directors over a period of two years, including the failure to keep proper books and records and repeated failure to provide audited financial reports.
The court appointed Andrew McLellan of PPB Chartered Accountants as liquidator.