ASIC winds up Global Merces

ASIC Global Merces Anthony Connelly Michael Hill

5 February 2020
| By Chris Dastoor |
image
image
expand image

The Federal Court of Australia in Melbourne has granted the Australian Securities and Investments Commission (ASIC) an order to wind up Brisbane-based Global Merces Funds Management on just and equitable grounds.

The Federal Court order came less than a fortnight after ASIC suspended the company’s Australian Financial Services License (AFSL).

ASIC had applied to have Global Merces wound up on 24 January, 2020 and had commenced proceedings to protect the public in circumstances where it held concerns about the conduct of the affairs of the company and its insolvency.

They had been ordered to appoint Anthony Connelly and Michael Hill of McGrathNicol as joint liquidators for the company.

On 13 January, 2020, Jarvis Lee Archer of Revive Financial had been appointed as voluntary administrator of Global Merces, and on 21 January, 2020, ASIC had suspended their ASFL for a period of six months.

ASIC had used its power under s915H of the Corporations Act to allow the administrators to conduct certain necessary activities under the licence during administration which included:

  • transferring the company to a new responsible entity;
  • investigating or preserving the assets and affairs of the company; and
  • winding up the company.
Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

6 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 11 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 9 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 12 hours ago