It’s difficult as ABC

Written on the 13 July 2009

ABC Learning Centres founder Eddy Groves has agreed to freeze his assets, but the Australian Securities and Investments Commission (ASIC) alleges most have been moved into a discretionary trust under his new wife’s name.

ASIC launched the bid for the hearing that took place in the Federal Court on June 30, but the corporate watchdog says the trust Perfection Too is Groves’ ‘alter ego’ with wife Viryan Collins-Rubie as the sole director.

The commission used recent transfers of two Gold Coast properties as examples of concern to the Federal Court, as dissipating assets that should have been gained from the freeze.

The Palm Beach property where the couple once lived was transferred into Collins-Rubie’s name and a Currumbin Valley property was transferred to Groves’ former brother-in-law Frank Zullo.

Groves’ children are beneficiaries of Perfection Too. A hearing about the trust has been scheduled for July 27-28.


Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter