ASIC winds up three companies

8 April 2020

The Australian Securities and Investments Commission (ASIC) has obtained orders to wind up three financial services companies: Australasia Wealth Services and Management (AWSM), Marigold Falconer International, and My Wealth Adviser.

ASIC applied to have Marigold Falconer and My Wealth wound up on 20 February and AWSM on 6 March.

The Federal Court of Australia in Melbourne had granted the order and the companies would be wound up and liquidators appointed.

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Michael Hill and Katherine Sozou of McGrathNicol were the appointed liquidators of AWSM.

Matthew Caddy and Robert Smith, also of McGrathNicol, were appointed for Marigold and My Wealth.

ASIC said it commenced the proceedings to protect the public in circumstances where it holds concerns about the conduct of the affairs of those companies and their solvency.

ASIC would continue to investigate each of the companies.

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