Issue Date:  -  Friday, 31 May 2002

WANT & CO

The Real Estate & Business Agents Supervisory Board (REBA) today successfully obtained orders from the Supreme Court ordering “the Australian Securities and Investments Commission forthwith reinstate the registration of Wanlee Holdings Pty Ltd” (formerly trading as real estate agent Want & Co.). The Court also ordered that “immediately upon reinstatement, the Company be wound up by the Court under the provisions of the Corporations Act 2001 and Jeffery Herbert of PPB Ashton Read Chartered Accounts… be appointed as liquidator of the Company for the purposes of the winding up.”

The Company had been deregistered by ASIC in February 2002 for failing to lodge an annual return. ASIC have advised that the deregistration of the company was part of a routine administrative process related to the failure of the company to lodge an annual return and was not part of an investigation. That month ASIC deregistered over 27 000 companies.

REBA had previously closed the real estate agent Want & Co. in Floreat following an alleged misappropriation. REBA had immediately acted to investigate Want & Co. following advice received from the National Bank that there were insufficient funds in the agent’s trust account. Within four working days REBA had obtained a District Court order to appoint a supervisor and suspend the real estate licences of the agents.

REBA also obtained interim injunctions from the District Court over properties owned by the directors of Wanlee Holdings Pty. Ltd. trading as Want & Co. This step has been taken to prevent the directors selling their properties while this matter is being investigated.

Since closing the business of Want & Co., REBA has contacted the clients of Want & Co. to identify the extent of any loss. Reba has received 39 claims on its Fidelity Guarantee Fund totalling approximately $650 000 and ranging in amounts from $600 to in excess of $200 000. The Fidelity Guarantee Fund may provide compensation for people who lose funds through the criminal or fraudulent actions of a real estate agent. There are legal requirements concerning any claim.

Since closing the business, the Supervisor has progressed 5 of the 15 existing contracts of sale to settlement, and to date non of the sales contracts have fallen over.

The Supervisor can be contacted on 9444 3400 and REBA staff can be contacted on 9282 0843. Details about the Fidelity Guarantee Fund are available on REBA’s website at www.reba.wa.gov.au