Kebbel asset freeze continues
The assets of Neil Burnard, the sole director of Palentia, continue to be frozen, after the court orders enforcing the action were once again extended.
The Supreme Court of New South Wales has seen fit to extend the orders preventing Palentia, formerly known as Kebbel, and its director, Burnard, from disposing of any assets until January 29, 2007.
The orders do, however, allow both parties to pay certain ongoing expense obligations such as living and operating expenses, legal expenses, Burnard’s children’s school fees and legitimate ‘arms length’ loan repayments.
Burnard is still not able to leave the country and cannot venture within 100 metres of an overseas departure point. His passport remains in the court’s custody and he is prohibited from applying for a new one.
The original orders against both parties were issued on June 2, 2006, and have already been extended twice previously.
Palentia was a member of the Kebbel Group of companies that raised funds for property developments, including the failed Westpoint investment vehicles.
After an investigation into Palentia’s activities, the Australian Securities and Investments Commission alleged the company raised over $100 million in funds for the Westpoint projects and earned approximately $6.5 million in commissions in the process.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
