ASIC is investigating NSW accountant and former solicitor Christopher Malcolm Edwards and 12 companies associated with him.
This page provides information for investors about ASIC’s investigation, the court action ASIC has taken, and where investors can find information while the matter progresses.
The companies subject to ASIC’s investigation are:
- Ironbark Holdings Australia Pty Ltd
- Great Northern Developments Pty Ltd
- GND Construction Management Pty Ltd
- Great Northern Bundaberg Pty Ltd
- Great Northern Investments Pty Ltd
- Great Northern Morayfield Pty Ltd
- Great Northern Phoenix Group Pty Ltd
- Great Northern Properties Pty Ltd
- Great Northern Victoria Pty Ltd
- Ironbark Energy Pty Ltd
- Knightsbridge Realty Pty Ltd, and
- Richmond Corporation Pty Ltd.
Key points
- ASIC’s ongoing investigation concerns fundraising for these companies and the application of monies raised from investors.
- Due to concerns that the continued operation of the companies may place the public at risk, ASIC has applied to the Court to wind them up.
- ASIC has also applied for provisional liquidators to be appointed before its application to wind up the companies is heard.
- ASIC has done so because it contends that the companies’ affairs should be independently assessed and the interests of creditors and investors need to be protected pending final hearing of ASIC’s winding-up application.
Information for investors
ASIC will publish updates about the investigation and related court action on this page as the matter progresses. The best way to receive information about ASIC’s investigation is to regularly monitor this web page. We will share any information that we are able to publicise as the investigation progresses.
Background
Great Northern Developments proceeding
One of the companies that ASIC is investigating and is the subject of ASIC’s winding-up application is Great Northern Developments Pty Ltd. In 2010, ASIC took court action against Great Northern Developments, seeking to have the company wound up for contraventions of the Corporations Act 2001 (Cth).
The Court found that the company breached the law (particularly sections 727 and 283AA of the Corporations Act). However, the Court decided not to wind up the company at that time, expressing concerns including the potential impact on the value of the company’s projects.
Following the Court’s decision, investors who elected to continue with their investments were transferred into registered managed investment schemes operated by La Trobe Financial Asset Management Limited. Investors who did not wish to join the schemes were repaid their original investments and interest.
Banning decision
On 15 September 2025, ASIC banned Mr Edwards from providing financial services for 10 years.
ASIC made this decision after finding that Mr Edwards had carried on an unlicensed financial services business, including recommending that clients of his accounting and legal firm make investments with companies he controlled.
Mr Edwards has applied to the Administrative Review Tribunal for review of ASIC’s banning decision.
You can find more information about ASIC’s banning decision in ASIC’s media release (25-204MR).
Frequently asked questions
Why has ASIC taken action to apply to wind up companies associated with Christopher Malcolm Edwards?
ASIC holds concerns about the management and affairs of the 12 companies associated with Mr Edwards. ASIC’s concerns include that:
- the companies continue to raise funds in circumstances where the application of money raised from investors is unclear
- the companies have significant unsecured interest-bearing liabilities to investors that substantially exceed the known assets of the companies
- the companies have failed to comply with statutory obligations to prepare and lodge audited financial statements for the financial years ended 30 June 2022 to 30 June 2025, in accordance with ASIC’s directions issued under sections 294 and 321 of the Corporations Act, and
- the companies show limited signs of business income or commercial activity, and developments associated with the companies have not progressed.
ASIC’s concerns remain to be tested in the Court proceeding. The companies’ responses to those concerns, and degree to which the companies may seek to defend ASIC’s claims, are not yet known.
In this proceeding, ASIC has applied for the appointment of provisional liquidators. ASIC will contend that there needs to be an independent assessment of the companies’ affairs and that provisional liquidators should be appointed to protect the interests of creditors and investors pending the final hearing of ASIC’s winding-up application.
Why are the companies being investigated by ASIC?
ASIC is investigating because it holds concerns about the fundraising for these companies and the application of monies raised from investors.
While ASIC has a strong policy of transparency and we are committed to communicating publicly about our regulatory activities, ASIC cannot comment further on its ongoing investigation. Doing so could compromise the investigation and prejudice potential proceedings. ASIC is also restricted in what it can say because of its ongoing winding-up proceeding in the Supreme Court of NSW. ASIC will make information public where appropriate once matters are concluded.
Where can I find more information or updates about ASIC’s winding up action in the Supreme Court of NSW?
Where possible, ASIC will publish updates about court proceedings related to this matter on this page.
What happens next?
ASIC’s investigation and any related court proceeding are ongoing. The Court will consider ASIC’s application, including whether to appoint provisional liquidators.
Where possible, ASIC will publish updates about the investigation and any related court action on this page.
What is a provisional liquidator?
A provisional liquidator is an independent external administrator who may be appointed by the Court to take control of a company on an interim basis.
If appointed and subject to the terms of any orders the Court may make, a provisional liquidator may assess the company’s affairs, protect assets and report to the Court while the Court considers ASIC’s winding‑up application.
What has happened to my money?
ASIC is investigating Christopher Malcolm Edwards and the 12 companies associated with him listed above. As part of its enforcement role, ASIC may take court action to protect the public and the interests of investors and creditors where it is able to do so.
In this case, ASIC has applied to the Court to wind up the 12 companies and appoint provisional liquidators so that the companies’ affairs can be independently assessed and investors’ interests protected while the Court considers ASIC’s winding‑up application.
ASIC cannot comment on individual investments or provide advice about personal circumstances. You may wish to seek independent legal or financial advice about your situation. Information about free or low‑cost support services is set out below.
If provisional liquidators are appointed, this page will be updated to provide further information about who to contact and how you might direct inquiries you to them.
Will ASIC recover my money?
ASIC’s role is to investigate suspected misconduct and, where appropriate, take enforcement action to protect the public.
ASIC does not hold or manage investor funds. If the Court appoints an external administrator (such as a provisional liquidator or liquidator), that independent appointee will assess the companies’ affairs and determine what action may be taken in accordance with the law.
Why can’t ASIC tell me more about my investment?
ASIC cannot provide advice to investors and is subject to legal, regulatory and privacy obligations that limit what it can say about ongoing investigations and individual investments. It is subject to restrictions limiting its ability to comment on matters presently before the Courts.
This includes restrictions on commenting on evidence, the strength of current or potential enforcement action, or the financial position of individual investors.
Can I contact the ASIC investigation team?
Investors can contact ASIC in relation to the investigation by emailing Edwards.investigation@asic.gov.au.
You may wish to contact ASIC if you think you have information relevant to our investigation, or if you are unsure whether information you hold may be relevant.
Please note that due to legal, regulatory and privacy requirements, ASIC is limited in the information that it can provide about its ongoing investigation, and we will not be able to answer individual queries about specific investments or provide personal advice.
Updates and media releases
Finding additional support
We understand this may be a difficult time for you. Further support is available if you need it.
Financial difficulty
If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday).
You can also find a financial counselling agency using the map on ASIC’s Moneysmart website.
Legal advice
You may be able to obtain free independent legal advice from a community legal centre – You can search for your local community legal centre here: Legal Help – CLCs Australia.
Justice Connect may be able to link eligible individuals with firms and barristers that may be able to provide pro bono legal advice. You can visit the Justice Connect webpage here: Home – Justice Connect for more information.
Mental health support
If you are experiencing a mental health crisis and want to talk to someone straight away the following services operate 24/7:
Lifeline
- Lifeline Crisis Support – 13 11 14
- They also offer online chat and text crisis services.
- Services | Lifeline
Beyond Blue
The Beyond Blue Support Service is available 24/7 for brief counselling. You can call them on 1300 22 4636 or chat to them online. They also have a variety of other mental health supports you can access.
Aboriginal and Torres Strait Islander people
- 13YARN — call 13 92 76 to talk to an Aboriginal or Torres Strait Islander Crisis Supporter, 24/7.
For information about non-crisis counselling resources:
- Mental Health Support via your GP
- Australian Psychological Society
- This website provides a listing of Registered Psychologists, including areas of specialty and location: Find a Psychologist | APS
- Psychologists set their own fees so there may also be a gap between what Medicare will pay and what is charged. Some psychologists do not provide a Medicare rebate so it is best to ask about fees prior to your session
- Services Australia
- 1800Respect
- If you are experiencing family violence including economic abuse you can contact the National domestic violence service – 1800Respect on 1800 737 732: Home | 1800RESPECT.
