The Federal Court has appointed administrators to a string of land-banking companies run by property spruiker Jamie McIntyre amid concerns about millions of dollars sunk into the schemes by investors.
Australia's corporate regulator successfully sought a court order on Wednesday appointing administrators to eight companies associated with Mr McIntyre, and his brother Dennis' 21st Century group.
The court granted an injunction to the Australian Securities and Investment Commission, agreed to by Mr McIntyre, preventing 21st Century from promoting five land-banking schemes in Victoria.
The schemes on Melbourne's western outskirts and in regional Bendigo and Shepparton were sold to investors via "options" costing up to $40,000 for land lots on the premise of windfall profits once the land was developed.
They include Botanica, Secret Valley Estate, Oak Valley Lakes Estate & Resort, Bendigo Vineyard Estate & Resort and Melbourne Grove Estate, which ASIC alleges have left hundreds of Australian families out of pocket.
The Federal Court action follows a Senate economics committee hearing in Melbourne last week into the land-banking ventures where Mr McIntyre was accused by ALP senator Sam Dastyari and independent Nick Xenophon of being a "conman" and an "evasive witness".
Mr McIntyre launched an extraordinary tirade at the senators during the inquiry, telling Senator Dastyari he should expect large legal fees.
Mr McIntyre alleged ASIC was engaged in a witch-hunt in a conspiracy with Fairfax Media, publisher of BusinessDay.
Mr McIntyre repeatedly objected to suggestions he was a friend and business associate of notorious property spruiker Henry Kaye but said 21st Century had employed Mr Kaye's sister Julia Feldman.
Mr Kaye's National Investment Institute collapsed in 2003 owing investors millions.
The Senate hearing, and ASIC's investigation, were in part triggered by Fairfax Media revelations this year about proposed luxury developments across Victoria based on 21st Century's contentious options.
Mr McIntyre and 21st Century promoted the land-banking ventures over a five-year period; a sixth scheme called Hermitage in Bendigo collapsed in July after $25.5 million was paid by investors in options.
Simon Wallace-Smith and Robert Woods of Deloitte were appointed as provisional liquidators by the court.
