23/02/2017 - 12:25

KPMG called into Macro as liquidators

23/02/2017 - 12:25

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The corporate regulator has asked the Federal Court to appoint representatives of KPMG as liquidators of several subsidiaries of Pilbara-based property developer Macro Group.

KPMG called into Macro as liquidators
Macro Realty Developments ran into trouble with ASIC over the promotion of a residential project in the Pilbara town of Newman.

The corporate regulator has asked the Federal Court to appoint representatives of KPMG as liquidators of several subsidiaries of Pilbara-based property developer Macro Group.

The Australian Securities and Investments Commission said today it had applied to the Federal Court for the appointment of Hayden White and Matthew Woods of KPMG as provisional liquidators of six Macro companies, all of which list Veronica Macpherson as a director.

It is also seeking orders from the court requiring KPMG – if appointed – to provide a report that sets out the financial position of each of the Macro companies so that the court can firm up a date for the wind-up of the companies.

“Asic alleges that the companies have been involved in multiple contraventions of corporations legislation and are not complying with their obligations under that legislation, and is concerned that the companies are not being properly managed and are suspected to be insolvent,” Asic said.

Macro had its Australian financial services licence torn up by Asic in October, following an interim stop order placed in August which prevented the company from providing financial services or advice.

At the same time, Ms Macpherson was ordered to surrender her passport or any visas she held by the Federal Court, 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.

Asic’s investigation into Macro is ongoing.

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