THE Australian Securities and Investments Commission has obtained court orders to wind up four companies, which operated as part of the fundraising arm of Gold Coast property development group, the IC Group.
The Supreme Court of Queensland has appointed Peter Dinoris and Nick Combis of Vincents Chartered Accountants in Brisbane as liquidators to wind up Supersafe Australia Pty Ltd, Supersafe Qld Pty Ltd, Northcoast (Qld) Australia Pty Ltd and Supersafe N.S.W. Pty Ltd. A further related IC Group investment company, Bricks and Mortar Ltd, was deregistered by ASIC in May 2010.
ASIC said the investment companies within the IC Group were set up and operated to raise funds from investors to assist in financing various property development projects, being undertaken by the group.
The IC Group operated from Bundall on the Gold Coast under the management and control of Susanne Rae Percival, who was declared bankrupt in November last year.
ASIC said the companies raised funds from retail investors who were offered 15 to 20% per annum in interest payments through unsecured loan contracts.
Between May 2002 and September 2008 the IC Group investment companies raised over $20 million from at least 500 investors.
But from about 2008, many of the property development companies experienced financial difficulties, resulting in the appointment of receivers and the forced sale of their development properties to satisfy debts to their principal financier, the National Australia Bank.
The IC Group investment companies have since remained inactive, allegedly insolvent with no active directors, registered office or place of business. ASIC intervened to ensure the companies were wound up in an orderly fashion, so the interests of investors and creditors could be properly attended to.
Australian Property Journal
