This article is from the Australian Property Journal archive
THE Federal Court has appointed Deloitte as provisional liquidators to land banking companies linked to property spruiker Henry Kaye, Jamie McIntyre and 21st Century.
Following action by ASIC in August, Jamie McIntyre, Dennis McIntyre and the companies all agreed to the orders by the court to appoint Deloitte’s Simon Alexander Wallace-Smith and Robert Scott Woods as provisional liquidators to eight companies, namely:
– Archery Road Pty Ltd (ACN 162 921 735)
– Bendigo Vineyard Estate Pty Ltd (ACN 600 088 211)
– Secret Valley Estate Pty Ltd (ACN 602 817 532)
– Kingsway South Holdings Pty Ltd (ACN 159 230 976)
– Melbourne Tarniet Estate Pty Ltd (ACN 603 945 393)
– Property Tuition Pty Ltd (ACN 129 421 281)
– Education Holdings Pty Ltd (ACN 129 551 917)
– Sourcing Property Pty Ltd (ACN 602 474 779)
In addition, injunctions were made preventing all of the respondents, including Jamie McIntyre and Dennis McIntyre from promoting the five schemes ASIC is concerned about. They are: Botanica, Secret Valley Estate, Oak Valley Lakes Estate & Resort, Bendigo Vineyard Estate & Resort and Melbourne Grove Estate.
It is conservatively estimated that mums and dads investors have injected at least $100 million into the schemes, although it is feared that investors are owed as much as $300 million.
The provisional liquidators have been ordered to provide a report to the court within 42 days (by 19 November 2015) reporting on a number of matters including the solvency of the companies and the schemes, any money owing to investors and the likely return to creditors of the companies.
The matter returns to court for a further directions hearing on 4 December 2015.
Australian Property Journal
