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

IF YOU LOSE YOUR MOJO, YOU LOSE YOUR BUSINESS: GLEN RICHARDS

HE'S one of the "sharks" on the hit show Shark Tank and Dr Glen Richards deals with startups and sca...

MEET THE MELBOURNE ACCELERATOR PROGRAM BUILDING THE FUTURE OF CYBER SECURITY STARTUPS

IN the wake of the WannaCry ransomware attack, companies are more often considering how personal data is protected...

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

Related News

IF YOU LOSE YOUR MOJO, YOU LOSE YOUR BUSINESS: GLEN RICHARDS

HE'S one of the "sharks" on the hit show Shark Tank and Dr Glen Richards deals with startups and sca...

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

BELLAMY'S SHARES TANK AFTER TRADING HALT IS LIFTED

SHARES in infant formula maker Bellamy's Australia (ASX: BAL) plummeted 11 per cent in early trade on Thursday...

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