This article is from the Australian Property Journal archive
THE Federal Court has appointed liquidators to two land banking schemes associated by Jamie McIntyre and the 21st Century Group.
Nicholas Martin and Craig Crosbie of PPB were appointed to two companies, Bilkurra Investments Pty Ltd (Bilkurra) and Foscari Holdings Pty Ltd (Foscari), which each operate a land banking scheme.
The schemes are known as Hermitage Bendigo (formerly Acacia Banks) located at Midland Highway, Bagshot, Victoria 3551 and Foscari, located at 99 Palmers Rd, Truganina, Victoria 3029.
McIntyre used the schemes to raise approximately $24 million from investors.
The appointment follows an application by the corporate regulator ASIC, which raised concerns that both companies were insolvent. The Court agreed and also found that it was just and equitable that the companies be wound up so that liquidators could be appointed.
The Court also found that Bilkurra and Foscari were knowing participants in schemes that have facilitated misappropriation of investors’ funds.
Commissioner Greg Tanzer said this is another important outcome for ASIC’s wider and ongoing investigation into land banking.
Australian Property Journal
