ASIC moves against Westpoint entities
The securities regulator has frozen the assets of a number of Westpoint entities, obtaining asset preservation orders in the Federal Court of Australia in Perth.
The defendants in the case include Norman Carey, Graeme Rundle and other entities associated with the Westpoint Group of companies, Richstar Enterprises, Bowesco, Keypoint Developments and Silkchime.
The orders prevent them from dissipating assets or transferring assets outside Australia and have replaced existing receivership orders.
According to the Australian Securities and Investments Commission, as the process of asset identification is largely complete, the new undertakings can now relate specifically to those identified assets to ensure they are preserved for creditors in compensation proceedings.
The new orders and undertakings will expire on June 30, 2008.
AUTHOR
George Liondis
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