ASIC commences winding up action and seeks to preserve directors property for creditors

ASIC has lodged an application with the Federal Court requesting the appointment of a provisional liquidator to special vehicle property development company, Mortimer Close Pty Ltd (Mortimer Close).

ASIC is also seeking to wind up the company on just and equitable grounds and to preserve the personal assets of sole director, Mr Mark Goldenberg.

ASICís action follows a number of complaints made by individuals who invested funds with Mr Goldenberg on the understanding their money would be used to develop land in Wellard, south of Perth.

ASIC alleges Mr Goldenberg has mismanaged the companyís affairs and inappropriately used money from its bank account.

ASICís application aims to protect the interests of investors and the company.

ASIC suspended the Australian financial services (AFS) licence of Concentric Wealth Management Pty Ltd (CWM) following the appointment of a receiver and manager.

Mr Goldenberg is currently CWMís sole director.