The Federal Court of Australia has ordered that Macro Realty Developments Pty Ltd, Macro Realty Developments AFSL Pty Ltd, Macro All State Investments and Securities Ltd, Pilbara Property Developments Pty Ltd, Macro Realty Pty Ltd and 511 GTN Pty Ltd ('Macro Group', and Ms Desiree Veronica Macpherson is a director of all of these companies) be wound up and that Mr Hayden White and Mr Matthew Woods of KPMG be appointed as liquidators.

Justice Barker made the orders on the application by ASIC mostly on the basis that the companies are insolvent.

Background

ASIC had previously obtained a range of interim orders in the Perth Federal Court on 21 July 2016 restraining Ms Macpherson and the Macro Group companies (except 511 GTN Pty Ltd)  from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business. ASIC also obtained various travel restraint and asset preservation orders at this time (refer: 16-258MR).

The provisional liquidator appointment is part of ASIC's ongoing investigation into a number of land developments in the Pilbara region of Western Australia, in particular a development known as 'The Newman Estate', which was subject to ASIC action and Federal Court permanent restraint orders in May last year (refer: 16-092MR).