On 1 November 2024, the Federal Court made orders appointing Helen Newman and Andrew Fielding of BDO as receivers of the property of ALAMMC Developments Pty Ltd and 12 related corporate entities.
The receivers are tasked with, among other things, conducting investigations into the amount of investor funds received by ALAMMC Developments and the related entities, and to provide a report to the Court within 28 days.
The appointment of receivers over the 13 ALAMMC Developments corporate entities follows urgent action taken by ASIC to obtain asset preservation orders, and the appointment of the same receivers over the personal property of ALAMMC Developments director Mr David McWilliams and his wife Ms Laura Fullarton (see 24-207MR and 24-236MR).
At the same hearing, Justice O’Sullivan made orders extending the travel restrictions on Mr McWilliams, who is prohibited from leaving Australia or attempting to leave Australia until 1 July 2025.
The entities offered investment opportunities for purpose-built NDIS compatible property development schemes across Australia.
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
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. These asset preservation orders have been extended.
ASIC is investigating the companies and their director Mr McWilliams in relation to the suspected 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 receivership and 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.
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 find more information about the investigation and frequently asked questions on the ALAMMC Developments investigation page.
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.