Courtenay House Capital Trading Group Pty Limited and Courtenay House Pty Limited

Information for investors

Update- 4 September 2017

On 1 September 2017, Justice Black made orders in chambers extending the orders made on 1 May 2017 to 5 March 2018 . The extension of the orders was sought by ASIC to enable it to continue its investigation into the management and affairs of the Courtenay House Companies.  As a result the matter will not be listed in the Supreme Court on 4 September 2017 and will return to Court on 5 March 2018. 

The orders made on 1 September 2017 are a continuation of the orders restraining the defendants from carrying on financial services business and limiting the extent to which they can deal with their assets. The travel restraint order made in relation to Tony Iervasi also continues to 5 March 2018,

Update - 16 May 2017

Liquidators appointed by the Supreme Court of NSW

On 16 May 2017, the Supreme Court of NSW made orders winding up and appointing liquidators to Courtenay House Trading Group Pty Ltd and Courtenay House Pty Ltd (Courtenay House Companies).

ASIC sought the appointment of a liquidator so that the affairs of the companies can be wound up in an orderly manner for the benefit of all creditors.

The liquidators are Said Jahani and Peter McInerney of Grant Thornton.

The liquidators now have now have control over the assets and business of Courtenay House Trading Group Pty Ltd and Courtenay House Pty Ltd.  If you would like information about what the winding up of the Courtenay House companies will mean for you and your investment funds please contact Grant Thornton, care of:

Mr Fraser Wilkinson

Email: courtenayhouse@au.gt.com

Phone: (02) 8297 2698
         

Further information in relation to liquidation can be found in ASIC's Information Sheet INFO 45 Liquidation: a guide for creditors.

As result of liquidators being appointed on 16 May 2017, the Court dissolved the orders made on 1 May 2017 in respect of the Courtenay House Companies.

Asset preservation orders and orders restraining the carrying on of a financial services business remain in place until 4 September 2017, or until further order, in respect of the following:

  • Tony Iervasi;
  • David Sipina;
  • Athan Papoulias;
  • Proactive Property Services Pty Ltd;
  • Sipina Enterprises Pty Ltd; and
  • TheNowGroup.com.au Pty Ltd.

The orders preventing Mr Iervasi from leaving Australia also remain in place until 4 September 2017, or until further order.

Background

The Courtenay House Companies had previously offered returns to investors on capital allegedly invested in foreign exchange and futures commodities when they were not licensed to do so.

Courtenay House Trading Group Pty Ltd is also the former investment manager of the Courtenay House Capital Investment Fund, Australian Registered Scheme Number 115 250 443 (the Registered Fund) (see heading below 'What is the status of the Registered Fund')

Tony Iervasi is the director of Courtenay House Trading Group, Courtenay House and Proactive Property Pty Ltd.

ASIC's register records David Sipina as a director of Courteny House Trading Group and Sipina Enterprises Pty Ltd.

Athan Papoulias is a consultant to Courtenay House Trading Group and a director of TheNowGroup.com.au Pty Ltd.

What action has ASIC taken?

ASIC is investigating the business and affairs of the Courtenay House Companies and their directors in connection with concerns that, the Courtenay House Companies were:

  • carrying on an unregistered managed investment scheme and that others were involved;
  • providing unlicensed financial services; and
  • dealing with investor funds in a manner inconsistent with their agreement with investors.

On the application of ASIC, the Supreme Court of NSW made interim orders on 1 May 2017 against the following parties by consent:

  • Courtenay House Trading Group;
  • Courtenay House;
  • Tony Iervasi;
  • David Sipina;
  • Athan Papoulias;
  • Proactive Property Services Pty Ltd;
  • Sipina Enterprises Pty Ltd; and
  • TheNowGroup.com.au Pty Ltd.

The orders prevented all of the parties from carrying on a financial services business and limited the extent to which they could deal with their cash and other assets. ASIC sought these orders to preserve funds that may be available for the benefit of investors in Courtenay House Trading Group and Courtenay House and to prevent those companies from accepting further funds from investors.

An order was also made preventing Tony Iervasi from leaving Australia.

The orders against Courtenay House Trading Group and Courtenay House have now been dissolved following the appointment of a liquidator to these companies.

Investor communication with ASIC

As a result of the appointment of liquidators on 16 May 2017, all enquiries regarding the winding up of the Courtenay House companies, including the impact of the liquidation for investors and your investment funds, should be directed to the liquidators, Mr Jahani and Mr McInerney at Grant Thornton, care of:

Mr Fraser Wilkinson

Email: courtenayhouse@au.gt.com

Phone: (02) 8297 2698

ASIC’s investigation is ongoing and we cannot comment at this time. All publicly available information will be published on this dedicated webpage at http://asic.gov.au/courtenay-house. This site also includes information on how to contact ASIC to provide information as part of our investigation. Investors in the Courtenay House companies should refer to this website for ongoing updates.

We encourage investors to keep informed about the latest developments by regularly visiting this dedicated webpage at http://asic.gov.au/courtenay-house.

Information regarding ASIC's approach to commenting on investigations can be found in ASIC's Information Sheet INFO 152: Public comment.

What is the status of the Registered Fund

Until 27 April 2017, Courtney House Trading Group was the investment manager of the Registered Fund. On that date Australian Mutual Holdings Limited, the responsible entity for the Registered Fund, terminated the appointment of Courtenay House Trading Group as investment manager.

The Registered Fund is not the subject of investigation by ASIC and the orders of the Supreme Court of NSW do not affect investments in the Registered Fund.

Investors who believe they have invested in the Registered Fund and/or would like more information in relation to the Registered Fund should contact AMH care of Lilly Case at info@amhonline.com.au or on 02 9241 7959.

If you received advice from a financial adviser

Investors who received advice from an Australian financial adviser in relation to your investment with Courtenay House Trading Group or Courtenay House, and have a complaint in relation to the advice provided, may wish to consider lodging a complaint with the relevant adviser.

You can access additional information on how to lodge a complaint with your adviser on ASIC's MoneySmart website.

Investors who received advice from an adviser in another jurisdiction and have a complaint in relation to the advice provided, you may wish to contact the regulator in the relevant jurisdiction to discuss whether any further action can be taken.

Taxation inquiries

For any tax-related questions or concerns, please contact the Australian Taxation office on 131 020.

If you invested through your self-managed superannuation fund (SMSF)

For any questions relating to an investment made by your SMSF, you may wish to consider contacting your accountant.

ASIC's MoneySmart website also contains information on investing via a SMSF, and on superannuation more general. This information can be accessed at the following address: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works.

Trouble with debt

If you are having debt and cash flow issues see trouble with debt on ASIC's MoneySmart website.

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Last updated: 04/09/2017 11:16