The Federal Court has extended interim travel restraint orders previously obtained by ASIC against Mitchell Atkins, an undischarged bankrupt and former director of private lending firm Magnolia Capital.
The initial ex parte orders made by the Court on 19 June 2023 prohibited Mr Atkins from leaving Australia without the consent of the Court and required him to surrender to the Sydney Registry of the Court all passports held by him and any airline tickets for travel outside Australia until further order.
On 26 June 2023, the Court ordered that the interim orders remain in place until further order of the Court.
The orders were sought as part of ASIC’s investigation into Mr Atkins and companies in the Magnolia Group. ASIC’s preliminary investigation into the failure of the Magnolia Group indicate that it operated a private lending business sourcing capital from private investors and that approximately $40 million in investor losses are presently unaccounted for.
ASIC’s investigation is continuing.
The matter will next appear before the Court for a final hearing on 11 August 2023.
