ASIC to wind up two public firms
The Australian Securities and Investment Commission (ASIC) is seeking orders to wind up two public investment and technology companies, Gognos Holdings and Dynamic Agri Tech, although both companies are opposing ASIC's decision.
According to the corporate regulator, the companies:
- Had been involved in multiple contraventions of corporations legislation and were not complying with their obligations under that legislation; and
- There was a justifiable lack of confidence in the conduct and management of the companies' affairs which would give rise to a risk of the public that warranted protection.
ASIC also applied to the Supreme Court of Queensland to appoint the liquidators of the companies.
Gognos' business was to raise funds from the public through the isues of its shares and subsequently those funds were on-lent to dynamic and related entities to fund their business operations which included the development of technology to manufacture animal fodder in container modules.
The matter was adjourned by consent until December.
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