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
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
