On 15 December 2020, following a successful ASIC application, the Federal Court ordered the appointment of receivers to the property of Melissa Louise Caddick (Ms Caddick) and provisional liquidators to Maliver Pty Ltd (Maliver).
The application arose from ASIC’s concerns, which included:
- Maliver may be providing financial services without an Australian Financial Services Licence (AFSL);
- the AFSL of another company may have been used without authorisation;
- investor funds may have been unlawfully dealt with.
Bruce Gleeson and Daniel Robert Soire of Jones Partners were appointed as receivers of the property of Ms Caddick. Justice Markovic ordered that the receivers, by 15 February 2021, provide to the Court and ASIC a report that includes:
- the assets and liabilities of Ms Caddick;
- an opinion as to the solvency of Ms Caddick;
- the amount of money received by Ms Caddick from funds paid to Maliver by investors for investment;
- any investor funds held by Ms Caddick, any property acquired by Ms Caddick with investor funds and any payments made by Ms Caddick to third parties with investor funds and any other dealings by Ms Caddick with investor funds;
- any money paid directly to Ms Caddick by investors for investment and any property acquired, any payments made and any other dealings, by Ms Caddick with such money; and
- the receivers’ remuneration, costs and expenses.
Bruce Gleeson and Daniel Robert Soire of Jones Partners were also appointed as provisional liquidators to Maliver. Justice Markovic ordered that the provisional liquidators, by 15 February 2021, provide to the Court and ASIC a report that includes:
- persons who have paid money to Maliver for investment, the amounts they invested, and whether, and to what extent, these amounts have been repaid;
- identification of any bank accounts in which investor funds are held, any Property acquired with investor funds or any other dealings with investor funds;
- identification of Maliver’s assets and liabilities;
- an opinion as to the solvency of Maliver;
- an opinion as to whether Maliver has proper financial records;
- an opinion as to the claims that may be available to the liquidators for the recovery of funds for the benefit of creditors;
- the likely return to creditors;
- any other information necessary to enable the financial position of Maliver to be assessed;
- an opinion as to whether Maliver has contravened any provisions of the Act and/or any other legislation; and
- any suspected contraventions of the Act by any directors or officers of Maliver.
On 17 December 2020 the matter was further heard and remaining Orders finalised.
ASIC’s investigation is ongoing. The matter is next before the Court on 22 February 2021.
Concerned investors and creditors can contact Martin Vu of Jones Partners Insolvency & Business Recovery on (02) 9251 5222 or maliver@jonespartners.net.au
Any person who is concerned they have invested with the defendants can contact ASIC through email at maliver.investor@asic.gov.au.
Download
Orders made on 10 November 2020 (PDF 260 KB)
Orders made on 15 December 2020 (PDF 239 KB)
Orders made on 17 December 2020 (PDF 1.2 MB)
Background
Following an application by ASIC, the Federal Court made interim orders on 10 November 2020 against Maliver Pty Limited and its sole director, Melissa Louise Caddick (20-301MR).
Editor's note:
On 24 December 2020, Jones Partners Insolvency & Business Recovery's contact details were added to this media release.
Editor’s note 2:
On 19 February 2021, the Federal Court made orders by consent that, upon the funds available to the receivers from the bank accounts held in the name of the first defendant (Ms Caddick) being exhausted, no further payment or allowance will be made for living or legal expenses of the first defendant. The first defendant’s representatives have liberty to apply to the court to reinstate or vary any orders as to the living or legal expenses. Read more here.
Editor’s note 3:
On 22 February 2021, the Federal Court made orders:
- prohibiting the disclosure of the reports of the receivers and provisional liquidators, other than to Adam Grimley (in his capacity as the representative of Ms Caddick) and a redacted version to those who invested money with either Ms Caddick or Maliver; and
- setting out a timetable for a hearing, with the hearing to commence on 7 April 2021.
Editor's note 4:
On 30 March, ASIC withdrew the criminal charges against Melissa Caddick. ASIC was required to do this as a matter of law to enable ASIC’s civil proceedings in the Federal Court to continue.
The hearing date of 7-8 April has been vacated in order to allow ASIC time to complete preparation of its evidence. The hearing will be rescheduled on a date to be fixed by the Court.
Editor's note 5:
A two-day hearing will commence on 29 June 2021.
Editor's note 6:
ASIC filed a Second Amended Further Originating Process on 15 June 2021, pursuant to leave granted by the Court. The orders made on 22 February 2021 were amended to permit a redacted version of the reports of the receivers and provisional liquidators to be made available to Ms Caddick’s parents. The matter is next before the Court on 29-30 June 2021.
The hearing on 29-30 June 2021 was extended to 1 July 2021 and concluded on this date. Judgment has been reserved.
Editor's note 7:
The hearing on 29-30 June 2021 was extended to 1 July 2021 and concluded on this date. Judgment has been reserved.