ASIC extends freezing orders in Wickham Securities Ltd collapse
The Australian Securities and Investments Commission (ASIC) has announced that it has successfully applied for orders in the Federal Court to add five defendants to existing proceedings brought against Bradley and Deborah Sherwin and eight related corporate entities on 21 January 2013.
Orders were also obtained freezing the assets of the new defendants for the time being which included three companies connected to Mr and Mrs Sherwin as well as Garth Robertson (the former CEO of Wickham Securities Ltd) and his wife.
The new orders bring the number of defendants in the proceedings to 15. The new defendants are Brothers Financial Services Pty Ltd, NRL Financial Services Pty Ltd, Sunshine Regional Investments Pty Ltd, Garth Peter Robertson and Catherine Louise Robertson.
Legal representatives of the new defendants did not oppose the making of the orders.
On 21 January 2013 ASIC commenced proceedings under the Corporations Act 2001 seeking orders in the Federal Court against ten defendants to preserve assets for the benefit of investors whose funds had been applied to Wickham and other corporate entities connected to Bradley Sherwin and against his wife, Deborah Sherwin.
Those companies were:
- Sherwin Financial Planners Pty Ltd
- DIY Superannuation Services Pty Ltd
- Reacroft Pty Ltd
- Blue Diamond Investments Pty Ltd
- SP Property Pty Ltd
- Astor Funds Pty Ltd
- Sherwin Financial Services Pty Ltd, and
- Wickham Capital Pty Ltd.
ASIC sought interim orders pending the outcome of its investigation, which is ongoing, to preserve assets for the benefit of investors, largely self-managed superannuation funds.
The orders were extended by the Federal Court when the matter was heard inter-parties on 23 January 2013 and remain in place save to the extent of Sherwin Financial Planners Pty Ltd, DIY Superannuation Services Pty Ltd, Reacroft Pty Ltd, Blue Diamond Investments Pty Ltd, SP Property Pty Ltd, Astor Funds Pty Ltd and Wickham Capital Pty Ltd.
Those companies are now in liquidation and the companies' assets are in the control of the appointed liquidators Stefan Dopking, Quentin Olde and Michael Ryan of FTI Consulting.
Wickham Securities Ltd was placed into administration in December 2012 in advance of ASIC's proceedings and is now in liquidation. Grant Sparks and David Leigh of PPB Advisory are the liquidators of that company. In the circumstances asset protection orders were not sought against Wickham Securities Ltd.
PPB and FTI are cooperating with ASIC's investigation.