ASIC wins orders for wind-up of Westpoint group

The Australian Securities and Investments Commission will wind up the Westpoint group and 13 other companies after obtaining orders from the Federal Court to do so.

The full text of an edited announcement is pasted below

The Australian Securities and Investments Commission has successfully obtained orders from the Federal Court to wind up companies associated with Mr Norman Phillip Carey and the Westpoint group of companies.

Justice French today delivered judgment on ASIC's application to wind up Forestview Nominees Pty Ltd, ordering that Mr Simon Andrew Read and Mr Clifford Stuart Rocke of PPB in Perth and Mr Ian Menzies Carson of PPB in Melbourne be appointed as liquidator of the company.

In a separate judgment yesterday, Justice French ordered that an additional thirteen companies be wound up. They included:

• Eastlands Pty Ltd
• Goldtag Pty Ltd
• Westpoint Money Management Pty Ltd
• Asset Build (Aust.) Pty Ltd
• Cinema City Development Pty Ltd
• Westpoint Consulting Group Pty Ltd
• Jetstone Pty Ltd
• Network Company Pty Ltd
• Pagelight Nominees Pty Ltd
• Kingdream Pty Ltd
• Juson Pty Ltd ACN
• Bridgeview Holdings Pty Ltd
• Westside Brisbane Developments Pty Ltd

Messrs Read, Rocke and Carson of PPB have also been appointed jointly and severally as liquidators of the above companies.

'ASIC welcomes the findings of Justice French as an important step in unravelling the complex network of companies left behind by the collapse of the Westpoint Group', Executive Director of Enforcement, Ms Jan Redfern said.

ASIC's application to wind up Bowesco Pty Ltd (receiver and manager appointed) and Lanepoint Enterprises Pty Ltd is currently scheduled to be heard from 26 February 2007.

ASIC's investigation into the affairs of the Westpoint group of companies is continuing.