ASIC has shut down a Brisbane investment company with no registered office, directors, secretary or anyone in control.
The regulator said the firm, Keystone Developments, was registered and was in the process of being divested of assets.
The regulator obtained orders from the Queensland Supreme Court on Wednesday to wind up the company and the court ordered that John Richard Park and Lorraine Deborah Smith of KordaMentha be appointed as liquidators.
The company had been put into receivership on June 6 over insolvency concerns.
The most recent sole director of the company, Maxim Jack Krilich, of Sydney, had purported to appoint administrators on May 29.
However, it was discovered that he had been declared bankrupt earlier that month and therefore left no one in control of the company.
The company had allegedly raised over $2.5 million from at least 23 investors in 2005 through the sale of shares.
The funds raised were to be applied in the construction of residential units at Carrara in Queensland.
The investors were to receive a return of their capital and profits upon the completion and sale of the units in about late 2006.
ASIC said although most of the units in the development had been sold off the plan, the development at Carrara was not completed and ready for sale until about June 2007.
In the meantime, mortgagees over the development had taken control, completed the development, and were in the process of selling and settling sales of the units.
Documents filed with the court suggested that the development had been abandoned by the company from about September 2006.
