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 (see24-207MR 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.