Following an ex-parte application by ASIC 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. 

ASIC 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. ASIC 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. 

The orders:

• secure property, including cash in bank accounts and real estate, while ASIC continues to conduct its investigation; and
• preserve those assets and prevent unauthorised dissipation of those assets, which 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 ASIC is investigating.

By consent of the parties, the interim orders will remain in force until further order of the Court.

Download the Court orders (PDF)

In the first instance, investors seeking further information are encouraged to contact ASIC 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. 

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.  Mr Marco’s application was adjourned in the meantime, with no further hearing date fixed.

Editor's note 2:

On or about 18 March 2019, ASIC 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. ASIC’s consent to the payment was conditional upon independent verification that the amount being charged by the builder for the work undertaken was appropriate, which has now been provided.

Editor’s Note 3:

On 12 December 2019, ASIC 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.  A copy of the media release about ASIC’s application can be found here.