ASIC winds up Global Merces
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.
AUTHOR
Chris Dastoor
Recommended for you
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
Strong adviser engagement has helped Praemium reach $1 billion in inflows on its Spectrum offering, with a deal with Western Australian wealth firm Euroz Hartleys expected to add as much as $2 billion.
