The assets of four Westpoint directors will remain frozen until at least tomorrow when the Perth Federal Court holds another hearing into the failed mezzanine project.

Directors Norman Carey, Graeme Rundle, John Dixon and Richard Beck had their asset freeze extended by the court last week and were ordered to remain in Australia until the hearing’s completion. They were granted an amendment to the freeze, allowing direct debit orders such as mortgages to be paid.

The Australian Securities and Investments Commission (ASIC) is seeking to have the directors’ assets and private companies placed in receivership in an attempt to recover the $320 million owed to investors.

ASIC Chairman Jeff Lucy spoke at last week’s Leadership Matters breakfast and established ASIC’s position on the people related to Westpoint management and related entities.

Since November last year, ASIC has conducted 26 proceedings against 22 companies and individuals connected with Westpoint, and 14 of them have been finalised in ASIC’s favour. The other actions were dropped as the defendants complied with demands.

ASIC is continuing to investigate several officers and entities of the Westpoint Group as well as the licensed and unlicensed advisers who promoted the investment.

“I have personally written to the relevant Australian financial services licence holders and industry associations requesting their assistance in dealing fairly and promptly with compensation claims by clients,” Mr Lucy said.

“ASIC has issued 35 compulsory notices to licensees seeking specific information about Westpoint.

“We have also issued directions to those licensees requiring them to provide monthly reports to ASIC about how they are dealing with clients’ complaints and losses.”

ASIC has created a Westpoint investor questionnaire to help in its investigations and provide consumer information. It will also allow ASIC to address losses suffered by investors. The questionnaire is available for all Westpoint investors on the ASIC website.