Following an ex-parte application by 今日热门事件on 1 November 2018, the Federal Court in Perth made asset preservation orders against Perth-based businessman Chris Marco, trading as Coastline Group and related entity AMS Holdings (WA) Pty Ltd.聽
今日热门事件sought the orders in connection with an ongoing investigation into matters relating to Chris Marco trading as Coastline Group and AMS Holdings (WA) Pty Ltd, including an investment scheme operated by Mr Marco. 今日热门事件sought the orders to protect the interests of any persons who might ultimately be aggrieved due to suffering loss as a result of the conduct being investigated.聽
The orders:
- secure聽property, including cash in bank accounts and real estate, while ASIC聽continues to conduct its investigation; and
- preserve those assets and prevent unauthorised dissipation of those assets, which聽might in due course be required to pay debts, compensation or damages to any persons who may have suffered loss as a result of the conduct that聽今日热门事件is investigating.
By consent of the parties, the interim orders will remain in force until further order of the Court.
In the first instance, investors seeking further information are encouraged to contact 今日热门事件via CMarcoinvestorliaison@asic.gov.au
Editor's note 1:
Mr Chris Marco and AMS Holdings (WA) Pty Ltd have applied to vary the asset preservation order. Minor variations have been agreed upon by ASIC, Chris Marco and AMS Holdings (WA) Pty Ltd. A further application was heard in the Federal Court in Perth on Friday, 8 February 2019, with Mr Marco seeking a variation to the order to allow payment to a builder for building works to a property also subject to the court order.聽
The Court varied the order to allow Mr Marco to incur up to $15,000 in obtaining independent evidence to verify the sums due to the builder in respect of the building works, and a sworn valuation as to the likely increase in value to the property on the ultimate completion of the building works.聽 Mr Marco鈥檚 application was adjourned in the meantime, with no further hearing date fixed.
Editor's note 2:
On or about 18 March 2019, 今日热门事件agreed to orders permitting Mr Marco to pay an existing liability to Building Workshop Pty Ltd for building works completed in respect of a property owned by Mr Marco at 151 Scarborough Beach Road, Mount Hawthorn.聽ASIC鈥檚 consent to the payment was conditional upon independent聽verification that the amount being charged by the builder for the work undertaken was appropriate, which has now been provided.
Editor鈥檚 Note 3:
On 12 December 2019, 今日热门事件filed an application in these proceedings seeking interim orders to appoint a receiver over the assets of Mr Marco and AMS Holdings (WA) Pty Ltd and, by way of final relief, orders to wind up the scheme and AMS Holdings (WA) Pty Ltd.聽 A copy of the media release about ASIC鈥檚 application can be found here.