Sandhurst decision ends Fincorp orders
The Australian Securities and Investments Commission’s (ASIC’s) actions in relation to the Fincorp collapse took another turn this week, with the NSW Supreme Court dissolving the asset preservation orders against some of the company’s former directors.
The asset preservation orders were dissolved by consent against Peter Pengilley, Craig Gallie, Neil Livingstone, Craig Stubbs and Graeme Beyers.
ASIC said that it had obtained a short extension of the orders on June 30 to allow the board of Sandhurst Trustees to make a final decision in relation to a request from the liquidators to provide funding to enable them to pursue insolvent trading claims against the former Fincorp directors.
The regulator said it had sought dissolution of the orders after having been advised that Sandhurst had resolved, in the best interests of secured note holders, not to agree to the request from the liquidators.
Asset preservation orders are still in place against other directors of Fincorp and their related companies restraining them from removing or selling any assets.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
