The Federal Court of Australia has lifted an earlier stay on the appointment of two mid-tier partners as provisional liquidators to Diploma Group Limited.
Fed court gives mid-tier green light as liquidators in property case
Earlier this month ASIC applied for Grant Thornton partners David Hodgson and Andrew Hewitt to be appointed as provisional liquidator to Diploma Group Limited and its 19 subsidiaries.
Diploma Group Limited was a Perth-based ASX-listed commercial construction and property development company.
Justice McKerracher of the Federal Court of Australia has now lifted an earlier stay on the appointment of Mr Hodgson and Mr Hewitt.
The provisional liquidation commenced on 22 May 2017, with the provisional liquidators required to provide a detailed report to the Court within 45 days that sets out, among other things, the financial position of the Diploma Group.
The matter is next before the Court on 26 July 2017.
ASIC has said Diploma Group Limited must be wound up on just and equitable grounds and/or on the grounds of insolvency to protect the interests of shareholders, investors and creditors.