Midland HWY land bankers ASIC hearing continues

The Federal Court has made an order adjourning the meeting of creditors of Midland HWY, which was due to be held today, August 5.

It will now be held August 12.

ASIC has commenced proceedings in the Victorian Federal Court against land banker company administrators, David Anthony Ross, Richard Albarran and the landbanking company, Midland HWY Pty Ltd (Midland HWY) (administrators appointed).

Messrs Ross and Albarran, of Hall Chadwick Chartered Accountants, are the current appointed administrators of the controversial land bankers, Midland HWY.

But the administrator appointment on July 14 has become the subject of ASIC's proceeding in which ASIC seeks their removal as administrators or to invalidate the first meeting of its creditors held on July 14.

Midland HWY had previously appointed Messrs Nicholas John Martin and Craig David Crosbie of PPB Advisory as joint and several administrators, just two weeks earlier.

Prior to being placed into voluntary administration on 2 July 2015, Midland HWY was the developer of a land banking scheme known as, Hermitage Bendigo (formerly, 'Acacia Banks'), located just outside of Bendigo, Victoria.

"ASIC is concerned that the appointment of Messrs Ross and Albarran, as replacement administrators to Midland HWY, occurred in circumstances where many investors in Hermitage Bendigo, who may also be creditors, were not given notice of the first meeting of creditors," ASIC advised.

The matter is set down for hearing this week.

At the hearing on Monday, 3 August 2015, the court adjourned the hearing of the proceeding to Wednesday, 5 August 2015 at 9.30am.