Yesterday, ASIC announced the appointment of McGrathNicol partners Michael Hill and William Harris as joint and several liquidators of Gognos Holdings Ltd (Gognos) and Dynamic Agri Tech Ltd (DAT) (companies).
Gognos raised funds through the issue of its shares which were on-lent to DAT and related entities to fund their business operations.
The Supreme Court of Queensland found that the companies had committed, and were continuing to commit, numerous contraventions of the Corporations Act 2001, including a failure to lodge audited reports with ASIC, a failure to report to members annually, a failure to hold annual general meetings and a failure to keep and produce accounting records.
The companies contravened “important provisions, aimed at ensuring the affairs of companies are appropriately regulated for the protection of shareholders and the public”, the court stated.
The court concluded that it was in the public interest for the affairs of the companies to be placed into liquidation and be wound up to prevent further breaches of the Corporations Act 2001.
The court ordered that the liquidators' appointment be stayed until 10am on Friday, 29 September 2017, in order that the companies' rights of appeal be preserved.
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