ASIC has succeeded in its campaign to wind up 14 companies related to former Westpoint founder Norm Carey.
The financial regulator announced last week it had succeeded in its Federal Court application to wind up Forestview Nominees, Eastlands, Goldtag, Bridgeview Holdings, Asset Build, Cinema City Development, Westpoint Consulting Group, Jetstone, Network Company, Pagelight Nominees, Westpoint Money Management, Kingdream, Juson and Westside Brisbane Developments.
ASIC welcomed the Federal Court findings and said it was as an "important step" in unravelling the complex network of companies left behind by the collapse of the Westpoint Group.
ASIC's application to wind up Bowesco and Lanepoint Enterprises is scheduled to be heard from February 2007.
ASIC also produced documents that showed Carey had more than $160,000 sitting in a Channel Islands trust account, for which he was listed as the main beneficiary, despite his past claims that he had no bank accounts and minimal assets.
The regulator has previously described the Westpoint case as one of its biggest ever projects. The group collapsed earlier this year with losses of up to $300 million.
