George Georges and John Lindholm were appointed Voluntary Administrators of the Group pursuant to section 436A of the Corporations Act 2001 (“the Act”) on 22 June 2010.
The Group is an Australian financial services company, specialising in online and advisory services in global equities, futures, foreign exchange and other investments.
The Liquidators now control the Group’s operations and are conducting an urgent assessment of the Group’s financial position. The Group’s directors have been requested to prepare a statement about the Group’s business, property, affairs and financial circumstances as at the date of appointment.
At the second meeting of creditors held on 27 October 2010, the creditors and investors voted to have the company wound up, with George Georges and John Lindholm being appointed Liquidator’s of the Company.
■ To ensure that the Settlement the Liquidators have reached at mediation with Saxo Bank A/S and HLB Mann Judd goes ahead, Releases from the requiste Investors must be received by 23 December 2011. Investors should refer to the Explanatory Statement in relation to the Settlement in this regard.
■ The Liquidators have made an application (or Interloctory Process) to the Federal Court of Australia seeking directions on how the Liquidators should distribute the available property. The directions hearing concluded on 2 November 2011 and the Liqudiators are now awaiting judgement from the Court. As you’ll appreciate the Liqudiators are unable to speculate how long this may take.