York Capital to be wound up
The corporate regulator has obtained orders to wind up York Capital Limited – a company once reported to have been taken over by former Fincorp director Graeme Byers.
The Australian Securities and Investments Commission (ASIC) established the company failed to lodge its financial reports and hold annual general meetings for the past three years.
The Federal Court of Australia ordered that York be wound up and appointed Paul Burness as liquidator.
ASIC’s investigation also found York Capital failed to appoint the statutory minimum of three directors and comply with a court order dated 9 June 2009 which required financial accounts be lodged with ASIC within 28 days.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.