The Federal Court has ordered the remaining ALAMMC Group companies be wound up following significant concerns identified by the Court‑appointed receivers about investor funds and the viability of the businesses.
ASIC was successful in seeking the winding up of 13 corporate defendants on just and equitable grounds after the receivers’ reports noted:
- Around $91.6 million was raised from hundreds of investors across ALAMMC entities, yet significant funds were misused or not applied to the specific projects investors were told they were funding
- Investor funds were intermingled and used across multiple entities, with numerous transactions of concern including payments to personal accounts and loans not aligned to specific projects
- Construction activity on most projects was minimal or had stopped altogether
- Apart from a small amount of rental income, the corporate defendants appeared to have no other sources of cash inflows, did not generate revenue or trading income and almost all expenditure appeared to have been funded from investor funds
- The receivers expressed the view that the corporate defendants are insolvent, with limited to no ability to restructure, and
- The receivers also identified potential breaches of directors’ duties.
ASIC Deputy Chair Sarah Court said, ‘The decision to wind up these companies has been driven by public interest considerations and the need to protect current and potential investors.’
Control of the affected companies now transitions from receivership to liquidation to better protect investors and enable potential recovery actions. The Court has appointed Andrew Fielding and Helen Newman of BDO as official liquidators to carry out the wind‑ups. The liquidators will now:
- Continue investigations into investor funds and company assets
- Communicate with investors about next steps, and
- Pursue any appropriate recovery actions for the benefit of creditors and investors.
This outcome builds on ASIC’s civil action that preserved assets and appointed receivers over Mr David McWilliams, Ms Laura Fullarton and ALAMMC-related companies in late 2024. ASIC’s criminal investigation into the conduct of those involved in the ALAMMC businesses continues.
Download
Background
On 11 September 2024, the Federal Court preserved assets of ALAMMC‑related companies and individuals, and restrained Mr McWilliams from leaving Australia (24-207MR).
ASIC is investigating the companies and their director Mr McWilliams in relation to the suspected provision of financial services and use of investor funds from 1 January 2021.
ASIC opened its investigation after receiving information in relation to Mr McWilliams’ gambling activities.
The companies subject to the receivership and asset preservation orders are:
- ALAMMC Developments Pty Ltd
- ALAMMC Developments 2 Pty Ltd
- ALAMMC Developments 3 Pty Ltd
- ALAMMC Developments 4 Pty Ltd
- ALAMMC Developments 5 Pty Ltd
- ALAMMC Developments 6 Pty Ltd
- ALAMMC Developments 7 Pty Ltd
- SDAMF 2 Pty Ltd
- SDAMF 3 Pty Ltd
- SDAMF 4 Pty Ltd
- Mortgage Mutual Fund Pty Ltd
- Harvey Madison Capital Pty Ltd and
- Coral Coast Mutual Fund Pty Ltd.
Any person who is an investor in ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd or the other related entities and has concerns can find more information about the investigation and frequently asked questions on the ALAMMC Developments investigation page.
On 22 October 2024, the Federal Court appointed receivers to the property of Mr McWilliams and Ms Fullarton (24-236MR).
On 1 November 2024, the Federal Court appointed receivers to 13 ALAMMC corporate defendants (24-245MR).
In August 2025, ASIC filed and the Court accepted a Second Further Amended Originating Process seeking winding‑up orders for the remaining corporate defendants identified above.
The Receivers’ website provides updates and contact details:
- BDO – The ALAMMC Group.
- Investors can also email ALAMMC.enquiries@bdo.com.au to request copies of public, redacted receiver reports.
ASIC continues to publish case updates on the ALAMMC enforcement activities page.
Editor's Note 1:
Justice O’Sullivan listed a case management hearing for 18 November 2025 to address whether the Court should revoke or vary the orders relating to payment of Mr McWilliams and Mrs Fullarton’s living expenses. On 17 November 2025, His Honour adjourned the case management hearing to 10 December 2025.
Editor's note 2:
On 27 November 2025, ASIC filed an application to commence contempt proceedings against Mr McWilliams and Ms Fullarton with the Federal Court (refer 25-291MR).
Editor’s Note 3:
On 8 December 2025, Justice O’Sullivan made an order vacating the case management hearing listed 10 December 2025.