Following an application by ASIC, the Federal Court made interim orders on 10 November 2020 against Maliver Pty Limited (Maliver) and its sole director, Melissa Louise Caddick (the defendants). The orders included prohibitions against:
- the defendants removing assets (including funds held in bank accounts) from Australia, disposing of those assets, diminishing their value or incurring new liabilities;
- Ms Caddick leaving Australia.
ASIC’s application for these orders was made to protect consumers while ASIC investigates concerns that:
- Maliver may be providing financial services without an Australian Financial Services Licence (AFSL);
- the AFSL of another company may have been used without authorisation;
- investor funds may be unlawfully dealt with.
The defendants did not appear at the first case management hearing of the matter.
On 27 November 2020, ASIC sought a date for the hearing of its applications for the appointment of a provisional liquidator to Maliver and a receiver and manager of the property of Ms Caddick. The matter is next before the court on 8 December 2020.
ASIC’s investigation is ongoing.
Any person who is concerned they have invested with the defendants can contact ASIC through email at maliver.investor@asic.gov.au.
Editor’s note:
ASIC’s applications for the appointment of a provisional liquidator to Maliver and a receiver and manager of the property of Ms Caddick are listed for hearing on 15 December 2020.
Editor’s note 2:
On 19 February 2021, the Federal Court made orders by consent that, upon the funds available to the receivers from the bank accounts held in the name of the first defendant (Ms Caddick) being exhausted, no further payment or allowance will be made for living or legal expenses of the first defendant. The first defendant’s representatives have liberty to apply to the court to reinstate or vary any orders as to the living or legal expenses. Read more here.
Editor’s note 3:
On 22 February 2021, the Federal Court made orders:
- prohibiting the disclosure of the reports of the receivers and provisional liquidators, other than to Adam Grimley (in his capacity as the representative of Ms Caddick) and a redacted version to those who invested money with either Ms Caddick or Maliver; and
- setting out a timetable for a hearing, with the hearing to commence on 7 April 2021.
Editor's note 4:
On 30 March, ASIC withdrew the criminal charges against Melissa Caddick. ASIC was required to do this as a matter of law to enable ASIC’s civil proceedings in the Federal Court to continue.
The hearing date of 7-8 April has been vacated in order to allow ASIC time to complete preparation of its evidence. The hearing will be rescheduled on a date to be fixed by the Court.
Editor's note 5:
A two-day hearing will commence on 29 June 2021.
Editor's note 6:
ASIC is seeking a declaration that Melissa Caddick breached section 911A of the Corporations Act in that she carried on a financial services business without holding an Australian Financial Services Licence. In order for ASIC to obtain such relief there must be a proper contradictor, that is a person who has an interest in opposing the declaration sought. On 24 May 2021, the Court made orders for an independent barrister nominated by the President of the Bar Association of New South Wales to be appointed for the purposes of making submissions as contradictor. ASIC is required to pay the fees of this barrister.