Asset preservation order slapped on Westpoint’s Norm Carey

Westpoint director Norman Phillip Carey has been issued with an asset preservation order in the Federal Court in Perth.

The order was made by Justice Robert French in response to an application brought by the Australian Securities and Investments Commission (ASIC) on June 30 against Carey and other Westpoint companies’ directors.

The application for compensation of breach of director duties was also brought against Cedric Beck, Graeme Rundle and various entities associated with Carey.

ASIC initiated the application on behalf of Westpoint companies Ann Street Mezzanine Pty Ltd and York Street Mezzanine Pty Ltd.

It follows a recent decision by Justice Ray Finkelstein that ASIC did not have the power to take over the original proceedings commenced by the liquidator of the two companies, PricewaterhouseCoopers.

Justice French made the asset preservation order against Carey until August 1 this year, but he “was not prepared to make specific orders against the Carey entities”, according to an ASIC media release.

He ordered Carey not to “do any act É to any company or third party that has the purpose or is likely to have the effect of reducing the value of any asset owned by him or is under his control”.

Rundle consented to asset preservation undertakings applicable until July 14, and Beck to asset preservation orders applicable until August 1.