Charterhill's George Nowak files for bankruptcy following liquidation of companies
George J Nowak, of the Charterhill Group, has filed for bankruptcy after the Federal Court in Adelaide froze his assets and those of his wife back in February.
At the time, the court had ordered the surrender of their passports, and restricted their travel outside of the country, while ASIC investigated the collapse of the Charterhill Group.
The Charterhill Group specialized in assisting clients to invest in property with their SMSFs. This left nearly $6 million of super at risk.
Macks Advisory’s Peter Ivan Macks has been appointed as Nowak’s trustee, and he has advised that the bankruptcy came following an appointment of liquidators to companies within the Charterhill Group Lending Solutions International Pty Ltd and Nova Real Estate Pty Ltd.
Nowak, who lodged a statement of affairs with the trustee, listed 31 companies he was director and/or shareholder of.
The statement of affairs was signed and dated 30 June 2014, and lodged with the Debtor's Petition on the same day. The Debtor's Petition was accepted on 2 July 2014.
It is noted that unsecured creditors totals approximately $7 million. This includes a claim in his estate, brought by Nova Real Estate’s liquidators – of approximately $6 million.
Investigations are underway, but return to creditors at this stage is unlikely.
The following companies in the Charterhill Group were placed under external control in February:
• Lending Solutions International Pty Ltd – liquidators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
• Nova Real Estate Pty Ltd – external administrators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
• EJ Property Developments Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners)
• Financial Wellness Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners).
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