The Supreme Court of New South Wales has extended orders against Westpoint fundraiser Neil Burnard and Palentia Pty Ltd (Palentia), formerly known as Kebbel (NSW) Pty Ltd.
Justice Barrett extended orders preventing Burnard and Palentia from disposing of their assets until 5.00 pm on October 31, 2006.
The orders permit Burnard and Palentia to pay certain expenses including ordinary living and operating expenses, school fees for Burnard’s children, legal expenses incurred in these proceedings up to set amounts, and payments servicing loan facilities with ‘arms length’ financial institutions.
Justice Barrett also continued orders restraining Burnard from leaving Australia and from coming within 100 metres of an Australian point of overseas departure.
Burnard was previously required to deliver up all passports to the court and he continues to be restrained from applying for the issue of a new passport.
Last month, Burnard was forced to return to Australia after being refused entry to the United States.
A week earlier, Burnard had told Australian Securities and Investment Commission that he would be available to “speak to ASIC investigators”.
According to ASIC, Burnard was planning to take up residency in the USA.
The action relates to ASIC’s ongoing investigation into the collapse of the Westpoint group of companies in Perth.
Palentia formed part of the Kebbel group of companies, which described itself as a provider of fundraising services in property-related investments.
A director of the Kebbel group, Richard Beck, was also a director of several Westpoint companies.
Beck is the subject of orders made by the Federal Court of Australia in Perth, including a receivership order, obtained by ASIC.
ASIC believes Palentia was involved in raising substantial funds of more than $100 million for Westpoint from retail investors, mainly in NSW and Queensland, and earned commissions from Westpoint of approximately $6.5 million.
ASIC’s investigation is continuing.
By Kathryn O’Meara
