On Nov. 1, the Federal Court appointed Helen Newman and Andrew Fielding of BDO as receivers to oversee ALAMMC Developments and 12 associated corporate entities, ASIC reported.
The receivers are directed to investigate investor funds and prepare a detailed report for the court within 28 days.
The appointment follows urgent action by ASIC, which sought asset preservation orders to protect the assets of the ALAMMC Developments entities.
The same receivers have also been appointed to safeguard the personal assets of ALAMMC Developments director David McWilliams and his wife, Laura Fullarton.
Justice Patrick O’Sullivan has further extended travel restrictions on McWilliams, prohibiting him from leaving Australia until July 1.
The 13 entities under receivership offered investment opportunities focused on purpose-built properties for NDIS-compatible developments across Australia.
ASIC began investigating the companies and McWilliams in September, amid concerns related to the handling of investor funds and potential financial services violations.
The investigation was prompted by information linking McWilliams to substantial gambling activities.
In addition to ALAMMC Developments, the asset preservation orders cover multiple entities, including SDAMF 2, Harvey Madison Capital, and Coral Coast Mutual Fund.
These orders, initially issued on Sept. 11, have now been extended, securing the assets of these companies during the ongoing investigation.
ASIC has set up an information page to address investor concerns regarding the investigation.
Investors in ALAMMC Developments and the other impacted entities are encouraged to consult this resource for further information, updates, and frequently asked questions.
The ASIC investigation is ongoing as the receivers work to assess the financial activities of the companies and report their findings back to the court.
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