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.