Westpoint Group

As ASIC prepares to seek the closure of Westpoint Corporation in the Federal Court this month, the besieged developer’s fate seems all but sealed, as receivers move in on the company’s major assets, including its corporate headquarters and the Emu Brewery

Australia's corporate watchdog has sought to wind up Westpoint Group parent company Westpoint Corporation Pty Ltd after its auditors revealed an alleged $69 million deficiency in assets.

After long period of industry speculation over Westpoint Group’s operations in the risky business of apartment developments, the corporate regulator last week took action against companies within its property empire.

The Australian Securities and Investments Commission has commenced legal proceedings in relation to a number of companies within the Westpoint Group, as part of an investigation into the affairs of the companies.