Fed Court appoints Ostrava liquidators



The Federal Court in Melbourne has appointed Leanne Chesser and Craig Shepard as joint and several provisional liquidators to Ostrava Equities, Ostrava Wealth Management, Ostrava Asset Management, Ostrava Securities, Prometheus Capital, Beta Pharmacology, Thrive Lending, and Trade BTC.
This follows the Australian Securities and Investments Commission's (ASIC) investigation following the directors of various companies, financial adviser, Bradley Grimm, and director of Ostrava Equities, Vanessa Ash.
ASIC alleged Grimm and Ash were involved in multiple contraventions of the corporations legislation including unauthorised withdrawals of client funds and charging of fees by Ostrava Equities, a company that provides financial services including self-managed super fund (SMSF) establishment.
The Court ordered Chesser and Shepard to provide a report to court and to ASIC by 23 November, including an assessment of the financial position of each of the companies and any suspected contravention of the Corporations Act by the companies, Ash, or Grimm.
The Court also made orders restraining the companies and Grimm from being involved in a financial services business. Ash gave an undertaking to the Court to the same effect.
The matter is listed for a further directors hearing on 18 December.
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.