On 22 October 2024, the Federal Court made orders appointing Helen Newman and Andrew Fielding of BDO as receivers and managers of the property of David McWilliams and his wife Laura Fullarton.
The receivers are tasked with conducting investigations into the amount of investor funds received by Mr McWilliams and Ms Fullarton and to provide a report to the Court within 28 days.
The appointment of receivers follows urgent action taken by ASIC in September 2024 to obtain asset preservation orders over Mr McWilliams, Ms Fullarton and a number of companies operated by Mr McWilliams (see 24-207MR). Travel restraint orders were also made in relation to Mr McWilliams.
Mr McWilliams is director of several companies that offered investment opportunities for purpose-built NDIS compatible property development schemes across Australia. Many of these companies are also under asset preservation orders.
ASIC has also made an application seeking the appointment of receivers over a number of companies operated by Mr McWilliams. The hearing considering this application is listed for 1 November 2024.
More information about the investigation and frequently asked questions can be found on the ALAMMC Developments investigation page.
Download
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
Background
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.
ASIC is investigating the businesses conducted by Mr McWilliams and his companies in relation to the provision of financial services and use of investor funds from 1 January 2021.
ASIC opened its investigation after receiving information in relation to Mr McWilliams’ gambling activities.
The companies that are subject to the asset preservation orders are:
- 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.
Receivership and Asset Preservation orders were extended to ALAMMC Developments 8 Pty Ltd on 19 February 2025.
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 the other related entities and has concerns can contact ASIC at alammc.enquiries@asic.gov.au.
Editor's note:
On 25 November 2024, Justice O’Sullivan made an order listing a hearing for an interlocutory application filed by the receivers in the proceeding for 3 December 2024 at 10:30 am.
Editor’s Note 2:
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.
Editor’s Note 3:
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.
Editor’s Note 4:
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.
Editor's Note 5:
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.
Editor’s Note 6:
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.
Editor's note 7:
On 26 February 2025, Justice O’Sullivan made orders that the Receivers are to serve the Report on ASIC and the Defendants. The Report is to remain confidential until 5:00 pm on 14 March 2025, and must not be published, disclosed to any person or entity, or mentioned in open court or in any court transcript. His Honour made orders that any party seeking to extend the confidentiality orders must file and serve an application by 6 March 2025.
Editor's note 8:
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.