The Federal Court in Perth today announced the appointment of receivers to three Westpoint companies.
The three companies are understood to be Richstar Enterprises Pty Ltd, Westpoint Realty Pty Ltd, and Redchime Pty Ltd.
The receivers are Brian McMaster and Oren Zohar of KordaMentha.
A fourth company, Bowesco Pty Ltd is already in the hands of receivers.
After much debate between the Australian Securities and Investments Commission and the legal teams representing Westpoint, the court granted ASIC its wish to have receivers investigate the assets of directors of the collapsed property developer.
ASIC had been seeking receivers be appointed to investigate the whereabouts of the assets, on behalf of creditors and investors.
ASIC alleged the misconduct of Westpoint director Norman Philip Carey and others - Graeme John Rundle, John Norman Dixon and Cedric Richard Palmer Beck - had resulted in substantial losses to investors, who had invested monies into mezzanine funds believing the money would be used in property development.
