The Federal Court has ordered the winding up of Cinema City Mezzanine Pty Ltd, another company in the former Westpoint Group.
The Court appointed Geoffrey Totterdell and David McEvoy from PricewaterhouseCoopers as liquidators.
Cinema City raised close to $2.5 million in mezzanine finance from 34 investors through the issue of promissory notes.
The funds were for a proposed $101 million development of the Cinema City Arcade in Perth.
Those notes remain unpaid despite having become due for repayment in 2005.
ASIC alleged the company was insolvent. ASIC’s investigation into the Westpoint group is continuing.
By Nelson Yap
