This article is from the Australian Property Journal archive
Late yesterday the Australian Tax Office moved to have Westpoint related company Bayview Port Melbourne Pty Ltd wound up.
The ATO has won a West Australian Supreme Court order that Bayview pay it around $9 million in unpaid taxes.
According to the ATO, the outstanding tax bill has not been paid and the ATO wants liquidators appointed.
Bayview was established by Westpoint to develop the Bayview apartments in Port Melbourne.
The ATO court manoeuvre came as the Australian Securities and Investments Commission applied to push another Westpoint property financing scheme, WA’s Cinema City Mezzanine Pty Ltd, into liquidation.
The Cinema City scheme is believed to have raised around $3.5 million between 2001 and 2004 to bankroll plans by Westpoint chief Norm Carey develop apartments above the Cinema City theatre and arcade in Perth’s CBD.
The ATO and ASIC applications will be heard on May 30.
Meanwhile, the assets of Westpoint directors’ were unfrozen yesterday following an interim court order to extend freezing orders on April 13, 2006.
The orders had affected Norm Carey, Graeme John Rundle, John Norman Dixon and Cedric Richard Palmer Beck, as well as Richstar Enterprises Pty Ltd, Westpoint Realty Pty Ltd, Bowesco Pty Ltd and Redchime Pty Ltd.
In summary, the Court has extended the orders so that:
ASIC is also seeking the appointment of receivers to the assets of the four directors and three of the four companies (receivers have already been appointed by a secured creditor over Bowesco Pty Ltd).
By Nelson Yap
