Companies behind an Angus cattle investment scheme that promised healthy returns to investors has been placed in the hands of provisional liquidators.
The Australian Securities and Investments Commission successfully applied to the upreme Court of Queensland for the appointment of liquidators to three companies associated with the Nangus venture.
Previously known as Nant Angus, the scheme offered 10 pure bred Angus cattle to investors for $30,000, and promised to buy the animals back for more than $47,000 five years later.
Entrepreneur Keith Batt and his wife Margaret Letizia, who created and ran the companies, are now both personally bankrupt, ASIC said.
ASIC said it has concerns about a herd of about 261 head of cattle abandoned by company management in Queensland.
The liquidators are required to report back to the court about the companies' financial and management positions, before the court decides on whether they be wound up.
Mr Batt previously ran Tasmanian whisky company Nant Distillery, which offered a barrel investment scheme that promised similar returns to the cattle project.
ASX-listed Australian Whisky Holdings now uses the Nant distillery and brand name, and is not associated with the companies formerly operated by Mr Batt and Ms Letizia.