ASIC winds up two Townsville companies
The Australian Securities and Investments Commission (ASIC) has obtained orders in the Supreme Court of Queensland to wind up two Townsville-based financial services companies.
ASIC initiated the proceedings to wind up Understanding Retirement and N.F & J.M Dodd & Associates in July this year.
According to ASIC, in 1996 the director of both companies, Neil Dodd, approached a number of his clients to purchase shares in Understanding Retirement. The clients subsequently advanced an estimated $1.5 million towards the purchase of shares.
ASIC alleges that some of the investors were not issued with shares in the company and that other funds provided by clients for investment may not have been dealt with by Dodd in accordance with their instructions.
William Buckby and John Park of KordaMentha Chartered Accountants were appointed joint liquidators of Understanding Retirement and N.F. & J.M. Dodd & Associates.
ASIC’s investigation into the conduct of the companies’ business is continuing.
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