30/05/2017 - 15:11

Court orders Macro wind-up

30/05/2017 - 15:11

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The Federal Court has granted the corporate watchdog’s request to wind-up Pilbara-based property developer Macro Group, appointing representatives of KPMG as liquidators today.

Court orders Macro wind-up
The Federal Court appointed KPMG as liquidators of Macro today. Photo: Attila Csaszar

The Federal Court has granted the corporate watchdog’s request to wind-up Pilbara-based property developer Macro Group, appointing representatives of KPMG as liquidators today.

The Australian Securities and Investments Commission said Hayden White and Matthew Woods of KPMG were appointed as liquidators of Macro, its subsidiaries and its director Veronica Macpherson, after the Federal Court made orders on the basis that the business was insolvent.

Asic had asked the court to appoint KPMG representatives as liquidators of Macro in February.

Macro had its Australian financial services licence withdrawn by Asic in October last year, following an interim stop order placed in August that prevented the company from providing financial services or advice.

At the same time, the Federal Court ordered Ms Macpherson to surrender her passport and any visas she held, blocking her from leaving the country.

The Pilbara-focused developer came under investigation by Asic in September 2015 after it promoted a $100 million property trust that didn’t adhere to Australian company regulations.

Macro also ran an advertising campaign for its Newman Estate, which included rental income guarantees, drawing attention from the Department of Consumer Protection in December.

The group’s real estate agency was ordered to be wound up in May last year, after it failed to appoint a person in control following the resignation of the company’s previous manager in February 2016.

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