ASIC secures return of initial Midland HWY land banker administrators

ASIC secures return of initial Midland HWY land banker administrators
ASIC secures return of initial Midland HWY land banker administrators

ASIC has won its 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).

ASIC was successful today in its proceedings, with Messrs Ross and Albaran resigning as administrators of Midland HWY.

The Court made orders by consent that the original administrators, Messrs Martin and Crosbie be reinstated as administrators.

The Court also made orders by consent that the second meeting of creditors of Midland HWY be held no later than 7 October 2015 at a location to be determined by Messrs Martin and Crosbie.

Messrs Ross and Albarran, of Hall Chadwick Chartered Accountants, were the previously appointed second administrators of the controversial land bankers, Midland HWY.

But the administrator appointment on July 14 become the subject of ASIC's proceeding in which ASIC ought 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 before the hearing.

Jonathan Chancellor

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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