THE Australian Securities and Investment Commission has obtained orders to appoint receivers to an unregistered property investment schemes operated by Queensland based Max Development Group.
The Supreme Court of Queensland has extended orders obtained by ASIC on February 28, 2007, to appoint receivers to identify and preserve the assets of the scheme pending further investigation and Court orders.
The Supreme Court has re-affirmed the appointment of Andrew Fielding and David Whyte, of PPB Accountants, as receivers and managers over the property of Kevin Maxwell, of Southport in
The Court also continued a restraint previously imposed on Kevin and Warren Maxwell, and the companies, from further promoting or operating the alleged illegal scheme or dealing with the personal and company assets until further ordered.
The scheme, which appears to have been operating since about 2002, involved about $3 million raised from approximately 40 investors for the purchase and development of various real estate properties in
In some cases, the Max Development Group assisted investors acquire funds to invest in the scheme by arranging loans and, in other cases, by arranging the roll-over of superannuation benefits into self-managed superannuation funds, which they set up for investors.
Investors became concerned and complained to ASIC when they did not receive interest payments or the return of their capital in accordance with the terms of their agreements and were unable to contact any of the promoters of the scheme or representatives of the companies.
The matter returns to Court on May 16, 2007.
Australian Property Journal
