In the latest blow to Mr McIntyre's controversial wealth education and property business, administrator PPB Advisory has recommended land banking company Midland Hwy be liquidated.

It is behind one of a network of much-hyped schemes in Victoria and Queensland linked to Mr McIntyre and notorious property spruiker Henry Kaye, into which hundreds of investors have tipped more than $100 million.

The schemes – now the subject of inquiries by the Senate and corporate regulator –  involved investors initially paying thousands in fees for get-rich training by McIntyre's 21st Century and another firm, Market First. Investors then buy "options", on housing lots in yet-to-be-developed estates on the outskirts of Melbourne, Victorian regional cities and Townsville.

Midland Hwy is behind the Bendigo project spruiked as Hermitage, formerly known as Acacia Banks, which collapsed in July leaving $25.5 million unaccounted for.

PPB Advisory's Nicholas Martin said it appeared Midland had spent only $1.7 million collected from investors on actually planning work for the proposed development, and may have been insolvent for three years.

"This is a very unfortunate situation for Midland Hwy investors," he said.

Mr Martin found that large sums totalling $7.6 million were paid out, mostly without documentation, to companies associated with the development's lawyer, Evans Ellis director Ben Skinner.

The little-known Evans Ellis law firm is central to most of the land banking schemes now under Senate and ASIC spotlights. It has repeatedly refused to reveal the financial interests behind the schemes.

However, Mr McIntyre is a former business associate of Henry Kaye's and Kaye's sister, Julia Feldman, has been an important figure in the McIntyre and Market First operations.

PPB also found almost $12 million was paid in "above-market" commissions, with about $4.6 million going to a business linked to  "shadow director" Michael Grochowski, a key player in the land banking ventures.

At least $22.3 million of the payments were "voidable" and should be pursued by a liquidator, the administrators have recommended.

The call for liquidation of Midland follows a Federal Court action by ASIC and the appointment of administrators to a string of land banking companies run by Mr McIntyre and his brother, Dennis.

The court granted an injunction agreed to by Mr McIntyre, preventing 21st Century from further promoting his property schemes, which were sold to investors on the premise of windfall profits once the land was developed.

The projects include Botanica in Shepparton, Secret Valley Estate Wallan, Oak Valley Lakes Estate & Resort Townsville, Bendigo Vineyard Estate & Resort, and Melbourne Grove Estate.

Mr McIntyre told a recent Senate committee hearing into land banking that his company, 21st Century, was paid 30 per cent in commissions for selling options in Midland's project.

He launched an extraordinary tirade against Labor senator Sam Dastyari, and accused ASIC of a witch-hunt and conspiracy with Fairfax Media, publisher of BusinessDay.

PPB Advisory has advised Midland's creditors to put the company into liquidation in an attempt to recoup some of the money.

But Colin Adno, a lawyer also connected to Henry Kaye, has written to investors urging them not to accept liquidation, and instead to support a "deed of company arrangement" whereby the development would proceed through another business, Bilkurra Investments Pty Ltd, a company connected to Mr Skinner.

Mr Skinner told BusinessDay that investors in the Midland project should have no concern about the "genuine nature" of the scheme. He said he was confident it would proceed.

PPB Advisory said it feared the proposed "deed" was an attempt to "avoid the scrutiny of a liquidator's investigations".

Creditors will vote on the proposals on Wednesday, October 21.