The Australian Securities and Investments Commission (ASIC) has frozen the assets of failed financial services group Charterhill owner George Novak and his wife, Betty Novak.
The move comes as a result of a successful application made to the Federal Court in Adelaide by the corporate regulator last week.
In addition to the asset freeze, the passports of George and Betty Novak were ordered to be surrendered during the ASIC investigation into Charterhill Group, which specialised in property investments via SMSFs.
ASIC’s actions were invoked under section 1320 of the Corporations Act 2001.
An undertaking was sought from George Novak that he would not dispose of or deal with any assets owned by the group.
The individual entities of Charterhill Group now under external control are Lending Solutions International, with Heard Phillips appointed as its liquidator; Nova Real Estate, where Heard Phillips has been appointed as administrator; EJ Property Developments, which has had Pitcher Partners appointed as receiver and manager; and Financial Wellness, with Pitcher Partners also appointed as receiver and manager.
The ASIC investigation into the activities of Charterhill is continuing.
Apart from the acquisition of properties via SMSF structures, the group also provided advice on the establishment of SMSFs, the rollover of existing superannuation balances into SMSF structures, property management, taxation and insurance.
