The Australian Securities and Investments Commission (ASIC) is continuing to investigate the collapse of the Westpoint property group. Chairman Tony D’Aloisio says it aims to secure the largest possible pool of funds to return at least something to investors.

He says ASIC has been in close consultation with liquidators, licensees and lawyers representing investors in Westpoint and its mezzanine companies. It will determine whether they will be able to apply for federal compensation by October 31.

They may well need it, if the latest figures from the relevant liquidators are anything to go by. Investors in the Emu Brewery mezzanine company are likely to get as much as 99.6% of their funds back, but most Westpoint Group companies are much more hollow.

Of the 13 companies whose current positions are known, seven are predicting a zero return to investors. The group collected a total of $422.3 million in promissory notes and regulated funding but has a maximum of $100.6 million available for distribution to investors.

ASIC is planning several recovery actions it says will add further funds to the pool.