Diploma is a Perth-based ASX-listed commercial construction and property development company with a total of 19 subsidiaries.
Last week, ASIC applied to the Federal Court of Australia for the appointment of a provisional liquidator to Diploma Group to protect the interests of shareholders, investors and creditors.
According to ASIC, the Diploma Group needs to be wound up on just and equitable grounds and/or on the grounds of insolvency.
ASIC seeks the appointment of Grant Thornton partners David Hodgson and Andrew Hewitt as provisional liquidators of the Diploma Group, who have both consented to being appointed.
ASIC also seeks orders requiring the provisional liquidator to provide a detailed report to the court that sets out the financial position of the Diploma Group and other things.
The matter has been listed for hearing in the Federal Court of Australia, in Perth, on 11 May 2017.