THE Australian Securities and Investments Commission has obtained orders in the Supreme Court of New South Wales to restrain the former directors of Fincorp from selling their assets.
The orders were obtained for Eric Krecichwost, Peter Campbell Pengilley, Craig Robert Gallie, Neil Livingstone, Craig John Stubbs, Graham Ronald Byers, Deborah Livingstone, Kaye Gallie, Tiffany Krecichwost, Macarthur Investment Group Pty Ltd, Prime Consulting Group Pty Ltd, United Investment Group Pty Ltd and Crest Capital Pty Ltd.
ASIC first obtained the orders ex-parte on July 05 2007, which were on Monday by consent.
The orders restrain the former directors from removing, or causing or permitting to be removed all or any of their assets from NSW and from Australia and from selling, charging, mortgaging or otherwise dealing with or disposing of all or any of their assets, apart from reasonable living and other expenses.
In addition, ASIC also obtained orders to require the former directors to file affidavits disclosing their assets.
Orders were also obtained in relation to certain assets held by the wives of a number of the former directors and assets held by various entities, including Macarthur Investment Group Pty Limited.
The orders were continued for varying periods of between one week and three months. Some matters are listed to return to Court on July 24 2007, to consider applications by a number of the defendants. These applications relate to the sale of a property, the disclosure or use made of material filed and served in these proceedings, and requests by certain defendants to access books and records of various entities that made up the Fincorp Group.
Meanwhile, Fincorp investors can expect to get back as much as 50 cents for each $1 they invested in the company after the administrators sold the company’s 10 properties to Becton and AVJennings for $205 million earlier this week.
Australian Property Journal