Court orders wind up of Westpoint-linked Cinema City Mezzanine

The Federal Court in Perth today ordered the winding up of Cinema City Mezzanine Pty Ltd, another company in the former Westpoint Group.

The Court appointed Geoffrey Frank Totterdell and David Laurence McEvoy from PricewaterhouseCoopers as liquidators.

Cinema City raised close to $2.5 million in 'mezzanine finance' from 34 investors through the issue of promissory notes.

Those notes remain unpaid despite having become due for repayment in 2005. The funds were for a proposed $101 million development of the Cinema City Arcade in Perth.

ASIC alleged the company was insolvent. ASIC's investigation into the Westpoint group is continuing.