The Australian Securities and Investments Commission (ASIC) has obtained orders in the Supreme Court of Victoria appointing Gess Rambaldi as liquidator of Homesafe Equities and Home and Renovators Group. The two companies were providers of builders’ warranty and financial guarantee bonds.

Mr Rambaldi had already prepared a report for ASIC in which he found the two companies were insolvent, and vendors could be at risk should calls be made on Homesafe deposit bonds. He also said the companies had possibly committed a range of other offences, and Homesafe directors had continued to deal on behalf of the company after Mr Rambaldi’s appointment.