ASIC applies to wind up 12 companies linked to accountant

Detected March 27th, 2026

Summary

ASIC has applied to the Supreme Court of New South Wales to wind up 12 companies associated with accountant Christopher Malcolm Edwards. The action follows concerns about the companies' management, unclear application of investor funds, significant liabilities, and failure to lodge audited financial statements.

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What changed

The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings in the Supreme Court of New South Wales to wind up 12 companies linked to accountant Christopher Malcolm Edwards. ASIC is also seeking the appointment of provisional liquidators to these companies to safeguard assets and assess their financial affairs. The grounds for the winding-up application include concerns that the companies continue to raise funds with unclear application of investor money, possess significant unsecured interest-bearing liabilities exceeding known assets, have failed to lodge audited financial statements for the financial years ended 30 June 2022 to 30 June 2025, and show limited business income or commercial activity.

Regulated entities and investors who may have dealt with these companies should monitor the court proceedings, which are scheduled for directions on 13 April 2026. ASIC's investigation into the fundraising and application of monies is ongoing. Individuals who believe they may have invested with these companies are advised to contact ASIC via the provided email or phone number. The outcome of the winding-up application and the appointment of liquidators will determine the future of these entities and the recovery prospects for creditors and investors.

What to do next

Monitor court proceedings for directions on 13 April 2026.
Contact ASIC via Edwards.investigation@asic.gov.au or 1300 300 630 if you believe you have invested with these companies.

Penalties

The application seeks winding up and provisional liquidation, which would result in the cessation of business and potential asset distribution to creditors and investors.

Source document (simplified)

Newsroom

Print Share ASIC has applied to the Supreme Court of New South Wales to wind up 12 companies associated with NSW accountant and former solicitor Christopher Malcolm Edwards on just and equitable grounds.

ASIC has also applied for the appointment of provisional liquidators to the companies to enable an independent assessment of the companies’ affairs and protect the interests of creditors and investors while the Court considers the winding-up application.

ASIC has taken this action because it holds concerns about the management and affairs of these companies. The companies being:

Ironbark Holdings Australia Pty Ltd
Great Northern Developments Pty Ltd
GND Construction Management Pty Ltd
Great Northern Bundaberg Pty Ltd
Great Northern Investments Pty Ltd
Great Northern Morayfield Pty Ltd
Great Northern Phoenix Group Pty Ltd
Great Northern Properties Pty Ltd
Great Northern Victoria Pty Ltd
Ironbark Energy Pty Ltd
Knightsbridge Realty Pty Ltd, and
Richmond Corporation Pty Ltd.
ASIC’s concerns include that:
the companies continue to raise funds in circumstances where the application of that money raised from investors is unclear
the companies have significant unsecured interest-bearing liabilities to investors which significantly exceed the known assets of the companies
the companies have failed to comply with statutory obligations to prepare and lodge audited financial statements for the financial years ended 30 June 2022 to 30 June 2025, in accordance with ASIC’s directions issued under sections 294 and 321 of the Corporations Act, and
the companies show limited signs of business income or commercial activity, and developments associated with the companies have not progressed.
ASIC’s applications for appointment of provisional liquidators and final winding up relief are not yet listed for hearing.

The matter will be before the Court at 10:00am on 13 April 2026 for directions.

ASIC’s investigation of fundraising for the companies and the application of monies raised is continuing.

More information

For the latest updates on this matter, please visit ASIC’s dedicated webpage Christopher Malcolm Edwards.

If you are concerned you may have invested with the companies referred to in this media release, please contact ASIC by email at Edwards.investigation@asic.gov.au or call ASIC’s Infoline on 1300 300 630.

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Originating process

Background

The 2010 Great Northern Developments proceeding

One of the companies that is the subject of ASIC’s application is Great Northern Developments Pty Ltd. In 2010, ASIC commenced proceedings seeking to wind up the company for contraventions of sections 727, 283AC and 601ED of the Corporations Act 2001 (Cth).

ASIC was substantially successful in establishing contraventions of sections 727 and 283AA. The Court exercised its discretion on that occasion not to wind up the company, citing factors including the potential impact on the value of the company’s projects.

Following the Court’s decision, investors who elected to continue with their investments were transferred into registered managed investment schemes operated by La Trobe Financial Asset Management Limited. Investors who did not wish to join the schemes were repaid their original investments.

The banning decision

On 15 September 2025, ASIC banned Mr Edwards from providing financial services for 10 years, including controlling, or performing functions in, a financial services business. ASIC made the banning order after finding that Mr Edwards had carried on a financial services business without a licence, including by providing financial product advice to his accounting and legal clients and arranging for them to invest in companies he controlled.

In this respect, ASIC found Mr Edwards’ conduct in approaching his accounting and legal clients and making recommendations that they invest in companies which he controls was particularly serious.

Mr Edwards has applied to the Administrative Review Tribunal for review of ASIC’s banning decision (25-204MR).