ASIC has applied for the Supreme Court of Queensland to appoint BDO business restructuring national leader Andrew Fielding and business restructuring partner Helen Newman as joint and several liquidators of Octaviar Limited (formerly known as MFS Limited).
Octaviar Limited is a Queensland-based diversified investment company in the funds management and financial services sector.
It is the ultimate holding company of the Octaviar Group of companies which include Octaviar IHH Pty Ltd (OIHH), Octaviar Investment Holdings (No 3) Pty Ltd (OIH3), Erskine House Developments Pty Ltd (EHD) and Sunleisure Pty Ltd (SPL).
ASIC has applied to the Court for an order to reinstate the currently OIHH as a company under the Corporations Act 2001.
ASIC also seeks orders to then wind up OIHH, as well as OIH3, EHD and SPL, on just and equitable grounds.
ASIC is concerned that OIH3, EHD and SPL are contravening provisions of the Corporations Act 2001, including the requirement for a proprietary company to have at least one director.
The matter is listed for hearing in the Supreme Court of Queensland on 22 June 2017.