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BFCSA
MORTGAGE
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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
Lynch to Keep Pressure on Banks Facing Mortgage Probes April 24, 2015   http://www.bloomberg.com/news/articles/2015-04-23/lynch-to-keep-pressure-on-banks-facing-mortgage-probes   Judging by the help-wanted notice that Loretta Lynch posted last year, the freshly confirmed U.S. Attorney General intends to pick up where her predecessor left off and make lenders pay for their role in the subprime crisis.  The U.S. Attorney’s office in Brooklyn, New York, which Lynch led twice, said in September that it was hiring as many as seven lawyers to go after corporate fraud, including “pursuing those responsible for misconduct related to mortgage-backed securities.” Seven months later, Lynch has taken over the Justice Department from Eric Holder, who spearheaded three multibillion-dollar settlements with banks for selling faulty mortgage-backed securities. Lynch’s Brooklyn office had a hand in the Bank of America Corp. case, winning the biggest settlement ever against a U.S. corporation. As she inherits several remaining mortgage-related investigations against Goldman Sachs & Co. and other...
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    A royal commission would not be pretty but at least it would see those actually responsible for the industry’s conflicts – and not
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ASIC bans former Macquarie Equities representative   6 August 2015   Jason Spits   http://www.moneymanagement.com.au/news/financial-planning/asic-bans-former-macquarie-equities-representative?mkt_tok=3RkMMJWWfF9wsRokv6nPZKXonjHpfsX%2B4%2BorXKKylMI%2F0ER3fOvrPUfGjI4CTMpnI%2BSLDwEYGJlv6SgFSLHMMbNn0LgLXhg%3D   The Australian Securities and Investments Commission (ASIC) has banned a second Macquarie Equities Limited (MEL) adviser for six years for falsification of records and unauthorised trading on client accounts. ASIC stated it had banned Shawn Hickman, of Middle Cove, New South Wales, from providing financial services for that period due to activities undertaken while he was a representative of MEL from February 2008 to March 2013. As part of investigations carried out under the ASIC's Wealth Management Project, the regulator found from November 2009 to October 2012, Hickman engaged in discretionary trading on six client accounts despite MEL having prohibited the activity since 2004. ASIC said Hickman breached financial services laws "by holding out and representing to those clients that he was authorised by MEL to operate a discretionary trading account in circumstances where he...
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    A royal commission would not be pretty but at least it would see those actually responsible for the industry’s conflicts – and not
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Cheap words...   NAB moves to allay concerns over bad debts August 10 2015 Clancy Yeates http://www.smh.com.au/business/banking-and-finance/nab-third-quarter-profits-rise-9-per-cent-to-175-billion-20150809-giv9ap.html National Australia Bank has calmed fears that banks are being hit by a rising tide of bad loans, delivering a $1.75 billion third-quarter profit that helped fuel a lift in bank shares.  The country's biggest lender to small and medium businesses said on Monday that lower bad-debt charges in Australia were a key force behind a 9 per cent annual bounce in June-quarter profits.  After ANZ last week triggered a vicious sell-off in banks when it raised capital and lifted provisions for soured loans, NAB figures suggested these problem were not industry-wide.   NAB, ANZ Bank, Westpac and Commonwealth Bank shares all rose at least 1 per cent.  Hwever, NAB also underlined the competitive pressure on profits, with the bank reporting a squeeze on margins and soft revenue growth.  NAB's full-year profits will also be dragged down...
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AMP and Westpac agree to pay for compensation and investigations Date August 10, 2015 Sally Rose http://www.theage.com.au/business/banking-and-finance/amp-and-westpac-agree-to-pay-for-compensation-and-investigations-20150810-givfh8.html       The heads of Westpac and AMP have told a Senate committee they would back moves to force them to pay into a compensation scheme to provide a safety net for victims of their smaller rivals who have been left destitute, and pay higher licensing fees to help fund policing of their industry.   Late on Friday, AMP Ltd chief executive Craig Meller and Westpac chief executive Brian Hartzer both told the Senate committee into scrutiny of financial advice they would support the establishment of a last-resort scheme for investors unable to receive the compensation awarded to them by a court for poor financial advice because their financial planner had gone broke or was refusing to pay.   Two of the big four domestic banks have now contradicted peak body the Australian Bankers' Association, which...
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Asked the FOS today for a copy of the deed and an extension to enable me to have it sighted legally before making any decision... The FOS answer – will request an extension but canot provide a copy of the deed for it will not be necessary to sign one... And now I turn up this...same law firm that Justi P (Ombudsman) once worked for...     [PDF]Financial Services Disputes – What's New? ASIC ... - Ashurst https://www.ashurst.com/doc.aspx?id_Content=11338   Ashurst Australia 5 December 2014     Know your FOS Contract: settlements Ensure your settlement is effective   Clause 8.8 of the Terms of Reference for the Financial Ombudsman Service (FOS) provides: “In order to accept a Recommendation or a Determination, the Applicant must provide the Financial Services Provider (if the Financial Services Provider so requests) with a binding release of the Financial Services Provider from liability in respect of the matters...
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Housing affordability must be taken into account   CBA to tighten lending for new homes Aug 9 2015 http://www.afr.com/real-estate/residential/cba-now-tightens-lending-to-mortgagebelt-punters-in-growth-corridors-20150809-giv53s   Commonwealth Bank of Australia plans to curb loans to new housing developments, a decision that will hit first-home buyers and investors in outer suburbs.  A CBA presentation to brokers, marked "confidential", outlines a plan to delay the approval of finance for buyers of lots until the land is ready for development and all preliminary work such as roads has been completed. Developers said the change will limit land development, putting further pressure on already-surging prices by limiting the supply of houses.  This policy will restrict pre-sales of houses. Many developers have to pre-sell up to 50 per cent of all lots on a planned site before a bank will lend money needed to start earthworks and install water, sewerage and electricity services that make it developable for houses. The decision, which is expected...
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    http://download.asic.gov.au/media/1325059/co04-1526.pdf   [CO 04/1526] Securitisation special purpose vehicles Issued 23/12/2004 Effective 11/1/2005: ASIC Gazette 01/05 Class Order [CO 04/1526] grants conditional relief from the requirement to hold an Australian financial services licence for certain securitisation special purpose vehicles. [CO 04/1526] revokes the interim relief provided under [CO 03/1098] from 1 July 2005....... Dated this 23rd day of December 2004 Signed by Brendan Byrne as a delegate of the Australian Securities and Investments Commission   [CO 03/1098] Securitisation special purpose vehicles and securitisation managers Issued 22/12/2003 Gazetted 23/12/2003: ASIC Special Gazette 50A/03 ASIC has been working with the securitisation industry for some time regarding the application of the FSR regime to the special purpose vehicles established in the course of a securitisation transaction. Class Order [CO 03/1098] grants temporary licensing relief to enable final discussions with industry about the appropriateness and form of any permanent relief. This includes further consideration...
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http://www.lawhandbook.org.au/handbook/ch13s01s02.php   Page 10 Under section 131 of the NCCPA, a lender must assess that a credit contract will be unsuitable for a consumer if it is likely that:  the consumer will be unable to comply with the consumer's financial obligations under the contract, or could only comply with substantial hardship; or  the contract will not meet the consumer's requirements or objectives. If a consumer could only comply with their financial obligations under the contract by selling their principal place of residence, it is presumed that the consumer could only comply with those obligations with substantial hardship, unless the contrary is proved (s 141(3) NCCPA). This provision directly targets the practice of "equity-stripping" and asset-based lending by predatory lenders.     Page 15 Mortgages In practice, a borrower under a mortgage agreement will nominate property that may be taken and sold by the lender if the borrower does not...
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New shady bank tricks...     Attention state attorneys general:   Deeds of Trust   31 December 2014   http://www.democraticunderground.com/111662817#post17     The mortgage industry may be about to make fools of you, and dupes of homebuyers whose legal rights you are supposed to protect. In a $26 billion deal in 2012, five of the biggest banks settled with state and federal officials over allegations of widespread foreclosure abuse. The deal, along with other post-financial crisis reforms, was supposed to bring some order, fairness and transparency to the foreclosure process. Mortgage lenders, however, may have figured out a way around all of that by changing the legal paperwork involved in buying a home. Foreclosing on a mortgage in many states requires a lender to go to court and give the borrower a certain amount of notice. Not so with a deed of trust, which generally can be foreclosed upon without a court’s involvement or...
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Lenders split on looming securitisation changes 28 July 2015 Shaun Drummond   http://www.canberratimes.com.au/business/banking-and-finance/lenders-split-on-looming-securitisation-changes-20150723-gijhsp.html   A global push to make sure securitised loans can't again become the toxic instruments that led to the GFC has been welcomed in Australia, but smaller lenders are worried the local regulator's tougher stance will shut them out of this funding source.   The global arbiter of bank regulation, the Basel Committee on Banking Supervision, and the peak body for corporate regulators, the International Organisation of Securities Commissions (IOSCO), on Friday released their final criteria for how loan securitisations should be structured.   In Australia, most of these are mortgage bonds, or residential mortgage-backed securities, which are backed by home loans. So far in 2015 they account for almost 20 per cent of all Australian dollar debt issuance, or $11.6 billion.  The global regulators say these bonds need to be "simple, transparent and comparable" to ensure they don't...
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APRA issues results of property valuation surveys 23 May 200505.30   The Australian Prudential Regulation Authority (APRA) today released the results of its surveys on the property valuation practices used by authorised deposit-taking institutions (ADIs) and lenders mortgage insurers (LMIs) as part of their mortgage and insurance approval processes.   The surveys, undertaken in the last quarter of 2004, aimed to: understand current industry practices in order to identify whether there is any trend towards the use of less rigorous valuation methodologies that might have a significant impact on the financial viability of ADIs and LMIs if there were to be a major property market downturn; understand the interactions in valuation practices between ADIs and LMIs; consider whether there has been any material relaxation in valuation practices; and identify areas where ADIs and LMIs might improve their risk management practices. The main conclusion of the surveys is that there has been...
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FOS rebuts harsh criticism   30 July 2014   http://www.moneymanagement.com.au/news/financial-planning/fos-rebuts-harsh-criticism   The Financial Ombudsman Service (FOS) has sought to refute claims that it has been guilty of unsound and unreasonable findings and that it has protected responsible entities to the detriment of investors. The chief ombudsman, Shane Tregillis has written to Money Management seeking to rebut the claims contained in a letter to South Australian Senator, David Fawcett, chair of the Parliamentary Joint Committee on Corporations and Financial Services, by Russell James Keeling, chairman of the Victims of FOS Committee. Tregillis has defended the record of the FOS, saying that contrary to the claims made in Keeling’s letter the Ombudsman Service was accountable for the decisions it made.   He particularly rebutted suggestions that applicants had no right of appeal if they did not accept a FOS determination. “While FOS decisions are binding on the financial services provider, applicants retain the rights...
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Ex-NAB planner sues Fairfax and Morris 3 August 2015 http://www.moneymanagement.com.au/news/financial-planning/ex-nab-planner-sues-fairfax-and-morris?mkt_tok=3RkMMJWWfF9wsRokv6nPZKXonjHpfsX87%2BQoUa6xlMI%2F0ER3fOvrPUfGjI4CTMpnI%2BSLDwEYGJlv6SgFSLHMMbNn0LgLXhg%3D   A former National Australia Bank (NAB) financial planner has brought defamation proceedings against Fairfax Media, following the publication of a series of articles alleging misconduct on his part. Court documents listed, ex-NAB planner, Graeme Cowper as the plaintiff, with Fairfax Media Publications Pty Limited, The Age Company Limited, Adele Ferguson, Ruth Williams and Jeff Morris named as defendants. The matter, which went before the Supreme Court of NSW for rulings on imputations related to an email sent by Ferguson to Julia Quinn, the director of media and community relations at AMP - where Cowper was employed at the time - and articles published in The Age and Sydney Morning Herald, which included allegations of forgery and other misconduct against a number of former NAB advisers, and a second "discrete and specific article" relating to Cowper's dealings with a particular client. Court papers revealed that Ferguson...
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Members of the Financial Ombudsman Service and Credit and Investments Ombudsman should be prepared for possible complaints. Monday 9 March 2015 http://www.ifa.com.au/blogs/14289-a-guide-to-fos-and-cosl-complaints Every Australian Financial Service Licence (AFSL) holder dreads the thought of a customer complaint being escalated to the Financial Ombudsman Service (FOS) or Credit and Investments Ombudsman (CIO).    However in the event this occurs, AFSL holders should have an understanding of the process. If you are a member of FOS or CIO, take the time now to make sure your contact details are up to date. The registered contact details are how you will be contacted by FOS if a complaint comes in.  FOS proceedings are not bound any legal rules of evidence and therefore not subject to precedent.     FOS has an obligation to carry out its consideration and resolution of disputes in a manner that is fair to the AFSL holder and the client bringing the dispute.  FOS is...
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Do you have copies of the attached and is this snippet from ASIC Information Sheet 176 (attached) still relevant???       What you should do Consider the reasons for the decision and contact the scheme to discuss it FOS offers an internal review if you disagree with its view that it cannot deal with your complaint. However, you must ask for a review within 30 days of receiving FOS’s response. Schemes must make their decisions fairly having regard to the law and good industry practice. Final decisions will only be reviewed in limited circumstances (for example, if there has been a calculation error). Ask the scheme to explain the decision. If you think an error has been made, let the scheme know. An example of this may be where there seems to be a calculation error or where a vital piece of information may have been overlooked. Consider your legal options...
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  FOS Circular Issue 22 July 2015-08-04 Provision of documents http://www.fos.org.au/the-circular-22-home/fos-news/provision-of-documents.jsp   Despite provisions in the National Credit Code, the National Consumer Credit Protection Act and other relevant codes, some consumers do not always receive copies of all requested documents from their FSP during the internal dispute resolution process. This article provides an overview of FSPs’ obligations under the Code of Banking Practice and our position on whether or not it is appropriate for a consumer or advocate to escalate complaints to FOS Australia on the sole basis that an FSP has failed to provide copies of documents on request within the specified timeframe. The right to copies of documents The Code of Banking Practice has four sets of obligations that relate to the provision of documents: 1. Production of documents to consumers. The Code sets timeframes for the production of specific/prescribed documents. These are usually documents that came into existence...
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http://www.mslawyers.com.au/Expertise/FinanceServices.html Banking and Finance Services msl own and operate Gadens National Mortgage Services Queensland, which is Australia's only true national mortgage documentation company and our Queensland office is a key part of the largest private security and settlement firm in Australia.  We believe it is fundamental to proper delivery of mortgage services to provide a uniform national solution and local representation. Your customers need to be able to come into our office for on the spot service and solutions. There are simply too many unique local requirements to risk long-range service and documentation. Have your exposure managed by people who know the local market and the applicable laws.  In any event, you have the right to demand speed, accuracy and service – and this is what Gadens NMS Queensland provides. Mortgage documentation What type of transactions can Gadens NMS Queensland handle for you? Gadens NMS Queensland does much more than document residential and commercial loans....
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IOOF executive's final warning 'went stale', company says Adele Ferguson and Sarah DanckertDate August 3, 2015 http://www.smh.com.au/business/banking-and-finance/ioof-executives-final-warning-went-stale-company-says-20150803-giqlax.html   An IOOF senior executive received two final warnings for misconduct rather than being dismissed because the first warning had "gone stale".  IOOF company secretary, head of human resources and whistleblower officer Danielle Corcoran told a Senate hearing into misconduct that it was possible to receive more than one final warning at the financial services house.   "It does look unusual to have two final warnings. I think certain factors have to be taken into consideration," Ms Corcoran said. "Management can disregard a prior warning if a significant period of time had elapsed so it becomes stale."   Ms Corcoran was referring specifically to IOOF head of advice research Peter Hilton, who has been accused by company whistleblowers of front running, misrepresentation of performance figures and had asked junior staff to complete training and compliance exams...
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Insight - How Libor whiz Rain Man became 'the guy everyone was going to blame' By Kirstin Ridley and Estelle Shirbon 11 hours ago   http://news.yahoo.com/insight-libor-whiz-rain-man-became-guy-everyone-150503334--sector.html   LONDON (Reuters) - He was so obsessed with the numbers that he did not see his downfall coming.  The first trader convicted by a jury in the global Libor rate-rigging scandal was a maths whiz nicknamed "Rain Man", who slept as an adult under a superhero duvet cover he had owned since he was eight. Tom Hayes, found guilty of eight counts of conspiracy to defraud, told the court he never thought he had been dishonest.  During a nine-week trial at London's Southwark Crown Court, the 35-year-old former yen derivatives trader for the Tokyo offices of UBS and Citigroup said he had always been driven to do a good job. He wanted to gain "an extra edge", he said, and his bosses had condoned methods that were common practise...
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Let them all now shudder...   Ex-trader Hayes jailed for 14 years by London court for Libor rigging Monday, August 03, 2015 10:05 a.m. EDT   http://wibqam.com/news/articles/2015/aug/03/former-trader-hayes-found-guilty-in-worlds-first-libor-trial/   By Kirstin Ridley LONDON (Reuters) - Ex-trader Tom Hayes was sentenced to 14 years in jail by a London court on Monday after being found guilty of conspiring to rig Libor benchmark interest rates following a seven-year global investigation. After a nine-week trial and seven days of deliberations, the jury of five women and seven men found Hayes, a 35-year-old former UBS and Citigroup trader, guilty of all eight counts of conspiracy to defraud. In the first trial of a defendant accused of Libor rigging, Hayes had faced up to 10 years imprisonment for each count of conspiracy over the manipulation of London interbank offered rate (Libor), a crucial benchmark for around $450 trillion of financial contracts and consumer loans, between 2006 and 2010. The...
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Check this out..brokers act as independent agents for banks........  However, Judges have ruled the Brokers are the Agents of the Banks.  They are not independent at all and are trained by the banks and provided with marketing technique by the banks. See BURNS vs Perpetual Trustees Victoria (WA Sup Ct 30 June 2015 See SCHMIDT vs Violet Home Loans (Vic Sup Ct 2010)   Behind The Scenes Of Your Mortgage By Barry Nielsen   http://www.investopedia.com/articles/pf/07/secondary_mortgage.asp   A mortgage can be seen as a stream of future cash flows. These cash flows are bought, sold, stripped, tranched and securitized in thesecondary mortgage market. The secondary mortgage market is extremely large and very liquid. From the point of origination to the point at which a borrower's monthly payment ends up with an investor as part of an mortgage-backed security (MBS), asset-backed security (ABS), collateralized mortgage obligation (CMO) or collateralized debt obligation (CDO) payment, there are several different institutions that all carve out some percentage of the...
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The more you learn the uglier it gets..     Foreclosure Fraud: How You Can Be Driven to Default Even if You Pay On Time   Last Updated Oct 16, 2010   http://www.cbsnews.com/news/foreclosure-fraud-how-you-can-be-driven-to-default-even-if-you-pay-on-time/     The new nation-wide investigation into foreclosure frauds comes as no surprise to people who follow the mortgage service business. Shoddy, deceptive paperwork has plagued homeowners for years. In the industry's slimy underside, firms push borrowers into default and foreclosure, even when they've been making payments on time.   Their business model makes defaults profitable, says Marie McDonnell who has been auditing mortgages for accuracy since 1986. The ugly chain of deception starts with the way a servicer might handle your escrow account.A mortgage service company collects your monthly payments, deducts a fee, and passes the remainder to the investors who own the loan. The majority of the servicing is done by big banks, such as JPMorgan Chase, Wells Fargo, and Bank...
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straight from the horses’ mouth.....   How banks work   16 November 2010 http://learn.nab.com.au/how-banks-work/ Understanding banks Originally banks were places that would guard your money and while they still guard money today’s banking industry has a crucial role as the main source of credit and so is a major driver of economic growth. They also allow individuals and businesses to move money around electronically to pay others and buy things. There are three main types of banks: Retail banks deal directly with the general public and make loans to mostly small and medium-sized businesses. Wholesale banks mostly transact with other banks and financial institutions. Merchant banks, known also as investment banks, raise funds for companies from the financial markets or private investors. How do banks make money? They make money just like any other business. The difference is that their product is money. In other words banks sell money, mostly in...
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15-200MR ASIC moves to recover costs of its investigations   Wednesday 29 July 2015   http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-200mr-asic-moves-to-recover-costs-of-its-investigations/   ASIC will now use its power to recover expenses and costs of its investigations.  ASIC’s new approach and the factors it will consider before using its power has been detailed in Information Sheet 204Recovery of investigation expenses and costs (INFO 204), which has been released today. Generally, ASIC must pay the expenses of investigations it conducts. However, under s91 of the Australian Securities and Investments Commission Act 2001, ASIC may make an order to recover investigation expenses and costs where that investigation has led to a successful prosecution or civil proceeding against a person. To date, ASIC has rarely recovered its investigation expenses and costs. However, ASIC has reviewed its approach and considers that it should more frequently seek to recover the expenses and costs of an investigation from the person who has caused those expenses and...
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15-203MR ASIC takes action to remove administrators of failed land banking company   Friday 31 July 2015   http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-203mr-asic-takes-action-to-remove-administrators-of-failed-land-banking-company/   ASIC has commenced proceedings in the Federal Court in Victoria against Mr David Anthony Ross, Mr Richard Albarran and Midland HWY Pty Ltd (Midland HWY) (administrators appointed). Messrs Ross and Albarran, of Hall Chadwick Chartered Accountants, are the current appointed administrators of Midland HWY. Their appointment on 14 July 2015 is the subject of ASIC's proceeding in which ASIC seeks their removal as administrators or to invalidate the first meeting of its creditors held on 14 July 2015. On 2 July 2015, Midland HWY appointed Messrs Nicholas John Martin and Craig David Crosbie of PPB Advisory as joint and several administrators. Prior to being placed into voluntary administration on 2 July 2015, Midland HWY was the developer of a land banking scheme known as, 'Hermitage Bendigo' (formerly, 'Acacia Banks'), located just...
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