ASIC has applied to the Supreme Court of New South Wales to wind up 12 companies associated with NSW accountant and former solicitor Christopher Malcolm Edwards on just and equitable grounds.
ASIC has also applied for the appointment of provisional liquidators to the companies to enable an independent assessment of the companies’ affairs and protect the interests of creditors and investors while the Court considers the winding-up application.
ASIC has taken this action because it holds concerns about the management and affairs of these companies. The companies being:
- 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.
ASIC’s concerns include that:
- the companies continue to raise funds in circumstances where the application of that money raised from investors is unclear
- the companies have significant unsecured interest-bearing liabilities to investors which significantly 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 applications for appointment of provisional liquidators and final winding up relief are not yet listed for hearing.
The matter will be before the Court at 10:00am on 13 April 2026 for directions.
ASIC’s investigation of fundraising for the companies and the application of monies raised is continuing.
More information
For the latest updates on this matter, please visit ASIC’s dedicated webpage Christopher Malcolm Edwards.
If you are concerned you may have invested with the companies referred to in this media release, please contact ASIC by email at Edwards.investigation@asic.gov.au or call ASIC’s Infoline on 1300 300 630.
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Background
The 2010 Great Northern Developments proceeding
One of the companies that is the subject of ASIC’s application is Great Northern Developments Pty Ltd. In 2010, ASIC commenced proceedings seeking to wind up the company for contraventions of sections 727, 283AC and 601ED of the Corporations Act 2001 (Cth).
ASIC was substantially successful in establishing contraventions of sections 727 and 283AA. The Court exercised its discretion on that occasion not to wind up the company, citing factors 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.
The banning decision
On 15 September 2025, ASIC banned Mr Edwards from providing financial services for 10 years, including controlling, or performing functions in, a financial services business. ASIC made the banning order after finding that Mr Edwards had carried on a financial services business without a licence, including by providing financial product advice to his accounting and legal clients and arranging for them to invest in companies he controlled.
In this respect, ASIC found Mr Edwards’ conduct in approaching his accounting and legal clients and making recommendations that they invest in companies which he controls was particularly serious.
Mr Edwards has applied to the Administrative Review Tribunal for review of ASIC’s banning decision (25-204MR).