On 10 September 2024, ASIC filed urgent civil proceedings against company director David McWilliams and several of his companies that offered investment opportunities for purpose-built, NDIS-compatible property development schemes across Australia.

On 11 September 2024, the Federal Court made orders preserving the assets of ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd, and other related entities.

Orders were also made preserving the assets of Mr McWilliams and his wife, Laura Fullarton, and restraining Mr McWilliams from leaving Australia (24-207MR).

On 21 October 2024, ASIC’s application for the appointment of receivers to the property of Mr McWilliams and Ms Fullarton was heard before Justice O’Sullivan.

On 22 October 2024, Justice O’Sullivan made orders appointing receivers to both Mr McWilliams and Ms Fullarton (24-236MR).

On 1 November 2024, Justice O’Sullivan made orders appointing receivers to the 13 corporate defendants, including ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd (24-245MR).

At the conclusion of the hearing on 3 December 2024, Justice O'Sullivan made a number of orders, including orders allowing the Receivers to deliver a single, combined report, and extending the time for delivery of that report to 25 February 2025. The report will set out the work done by the Receivers to:

• identify, collect, and secure the property of Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
• ascertain the amount of the investor funds received by Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
• identify any dealings with, payments of, distributions of, or uses made of, the investor funds by Mr McWilliams, Ms Fullarton and the thirteen corporate entities; and
• identify any property purchased or acquired with investor funds.

On 20 December 2024, Justice O’Sullivan made a number of orders, including orders relating to the payment of the defendants’ reasonable legal costs and orders requiring that Mr McWilliams provide certain information to the Receivers and the Court.

Ms Fullarton has made an application to appeal the orders made on 22 October 2024 relating to the appointment of receivers over her property. She has also made an application to stay those orders until her application to appeal has been decided or, if leave to appeal is granted, until her appeal is decided. This stay application has been listed for hearing before Justice Downes in the Federal Court of Australia on 6 February 2025.

On 4 February 2025, the application to stay the orders in relation to the appointment of receivers of the property of Ms Fullarton was adjourned from 6 February 2025 to 4 March 2025.

On 18 February 2025, ASIC filed an interlocutory process to join ALAMMC Developments 8 Pty Ltd ACN 674 996 760 (ALAMMC 8) as a Defendant to the proceeding and seeking urgent orders for the appointment of receivers to ALAMMC 8 as well as associated freezing orders. On 19 February 2025, Justice O’Sullivan made orders appointing Helen Newman and Andrew Fielding of BDO as receivers of the property of ALAMMC 8, as well as orders preserving assets of ALAMMC 8.

On 25 February 2025, the Receivers provided to the Court a report which sets out their work thus far to:

• identify, collect, and secure the property of Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
• ascertain the amount of the investor funds received by Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
• identify any dealings with, payments of, distributions of, or uses made of, the investor funds by Mr McWilliams, Ms Fullarton and the thirteen corporate entities; and
• identify any property purchased or acquired with investor funds.

The information contained in the Receivers’ report will assist the Court and the parties in determining the next steps in the court process.

The report is currently the subject of confidentiality orders. See Frequently Asked Question 12 for the process to request court documents.

A hearing is currently listed for 12 March 2025 for the hearing of three applications filed by the Receivers addressing the following:

• seeking a direction from the Court regarding the settling of a contract of sale entered into by ALAMMC 8 in relation to a property located at Tamworth;
• seeking directions from the Court regarding the sale of eight properties owned by the defendants; and
• seeking an extension of the confidentiality order over certain sections of the Receivers’ report. 

On 26 February 2025, Justice O’Sullivan made orders that the Receivers are to serve the Report on ASIC and the Defendants, and that until 5:00 pm on the 14 March 2025, the Report is to be treated as confidential, not to be published or disclosed to or by any person or entity and not be disclosed in open court or disclosed in the open part of any court transcript.

On 4 March 2025, Justice Downes made orders dismissing the application to stay the orders in relation to the appointment of receivers of the property of Ms Fullarton.

• Orders and Reasons of Yates J dated 11 September 2024
• Orders of Stewart J dated 16 September 2024
• Orders of O’Sullivan J dated 22 October 2024
• Order and Reasons of O’Sullivan J dated 4 November 2024
• Order of O’Sullivan J dated 3 December 2024
• Order of O’Sullivan J dated 3 December 2024
• Order and Reasons of O’Sullivan J dated 20 December 2024
• Order of O’Sullivan J dated 20 December 2024
• Order of O’Sullivan J authenticated 21 February 2025
• Order of O’Sullivan J authenticated 26 February 2025
• Order of Downes J dated 4 March 2025

The best way to get information about this investigation is to monitor this webpage. ASIC will continue to update the webpage while the investigation progresses.

Any person who is an investor in ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd or other related entities and has concerns can contact ASIC at ALAMMC.Enquiries@asic.gov.au.

Please note that ASIC is endeavouring to respond to emails received as soon as practicable, but we note that:

• We cannot answer individual queries about your investment;
• We may not be able to answer all questions immediately; and
• We are limited in the information that we can provide (taking into account legal, regulatory, and privacy requirements).

• 24-245MR Federal Court appoints receivers to ALAMMC Developments
• 24-236MR Federal Court appoints receivers to director of ALAMMC Developments
• 24-207MR ASIC obtains urgent court orders against director and companies providing investment opportunities in NDIS-compatible property developments

The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, markets, and financial services regulator.

ASIC is an independent Australian Government Body.

Our role includes protecting consumers who have funds invested in Australia’s financial system, maintaining and improving the performance of the financial system, and taking whatever action we can, and which is necessary to protect consumers and to give effect to the law.

The following companies are defendants in ASIC’s court action:

• ALAMMC Developments Pty Ltd
• ALAMMC Developments 2 Pty Ltd
• ALAMMC Developments 3 Pty Ltd
• ALAMMC Developments 4 Pty Ltd
• ALAMMC Developments 5 Pty Ltd
• ALAMMC Developments 6 Pty Ltd
• ALAMMC Developments 7 Pty Ltd
• SDAMF 2 Pty Ltd
• SDAMF 3 Pty Ltd
• SDAMF 4 Pty Ltd
• Mortgage Mutual Fund Pty Ltd
• Harvey Madison Capital Pty Ltd and
• Coral Coast Mutual Fund Pty Ltd.

On 11 September 2024, the Federal Court made interim orders preserving the assets of ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd, and the other corporate defendants.

The asset preservation orders made extend to the bank accounts of the corporate defendants. These orders were made for the purposes of protecting assets and maintaining the status quo while ASIC undertakes its investigation. The nature of these preservation orders means that investors may not have received their monthly interest payments since the orders were made on 11 September 2024.

ASIC has applied to the Court for receivers to be appointed over the corporate defendants. ASIC is seeking orders that the receivers are to identify and protect any property of the companies and provide a report to the Court on the use of investors’ funds.

This website will be kept updated throughout the investigation.

ASIC has set out its approach to enforcement in Information Sheet 151 ASIC’s approach to enforcement. ASIC considers a number of factors when deciding if enforcement action is appropriate to address particular misconduct, such as the seriousness of the alleged misconduct, its impact on the confidence of investors and financial consumers, and the consequences of the misconduct for investors and others.

ASIC cannot comment on its open investigation further than what is available through its court actions. As of 24 October 2024, none of the corporate defendants had appointed a liquidator or an administrator.

In an order dated 1 November 2024, Justice O’Sullivan appointed receivers over the 13 corporate defendants, including ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd. These receivers have been given powers under the Corporations Act to do certain things, including to identify, collect and secure property of the corporate defendants, ascertain the amount of investor funds received by the corporate defendants, identify property purchased or acquired with investor funds and to provide a report to the court in relation to these matters. In those orders, Justice O’Sullivan also extended the asset preservation orders until further order.

Due to the complex nature of the investigation, we cannot estimate how long it will take to complete.

ASIC cannot provide any advice to investors about their individual investments.

ASIC does not have the power to make payments to investors. We cannot advise you on your individual circumstances and we recommend you seek independent advice.

Investors can contact the Receivers with any queries by emailing ALAMMC.enquiries@bdo.com.au. Further information is available on The ALAMMC Group - BDO page on the BDO website.

While ASIC unfortunately cannot advise on individual circumstances, ASIC's Moneysmart.gov.au has resources that may be of assistance in relation to financial counselling services, debt management and emergency assistance.

If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline (NDH) on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday). The NDH may not be able to assist with your SMSF specifically.

If you are experiencing distress and would like to speak to someone, further support is available at:

• Lifeline: 13 11 14 (24 hours)
• Beyond Blue: 1300 22 46 36 (24 hours)

On 25 February 2025, the Receivers provided to the Court a report which sets out their work thus far to:

• identify, collect, and secure the property of Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
• ascertain the amount of the investor funds received by Mr McWilliams, Ms Fullarton and the thirteen corporate entities;
• identify any dealings with, payments of, distributions of, or uses made of, the investor funds by Mr McWilliams, Ms Fullarton and the thirteen corporate entities; and
• identify any property purchased or acquired with investor funds.

The information contained in the Receivers’ report will assist the Court and the parties in determining the next steps in the court process.

The report is currently the subject of confidentiality orders.

The Federal Court provides a mechanism by which non-parties may request access to some court documents: Access to court documents by non-parties in civil proceedings. However, please be aware that access may be refused due to confidentiality reasons and the ongoing court process.