George Nowak banned by ASIC after Charterhill collapse

George Nowak banned by ASIC after Charterhill collapse
Jonathan ChancellorDecember 7, 2020

The Australian Securities and Investments Commission (ASIC) has banned the founder of the Charterhill Group of Companies, George Nowak, from providing financial services until 3 July 2017 on the basis that he is an undischarged bankrupt.

ASIC's investigation, which is ongoing, found that Nowak applied for personal bankruptcy in July 2014.

Section 920A(1)(bb) of the Corporations Act provides that ASIC may make a banning order against a person if the person becomes insolvent under administration.

Nowak is banned from providing financial services for the period of his bankruptcy. He is also automatically banned, under the Corporations Act, from acting as company director and being involved in the management of companies for this period.

Nowak has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC is continuing to investigate the conduct of Nowak and the activities of the Charterhill Group, which operated as a 'one stop shop', providing advice to clients on the establishment of SMFS, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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