ASIC has applied to the Supreme Court of Victoria to wind up publicly-listed company, Planet Platinum Ltd (ACN 101 217 252) on just and equitable grounds.

In particular, ASIC:

• alleges that the company has been involved in multiple contraventions of corporations legislation and is not complying with its obligations under that legislation;
• is concerned that the company is not being properly managed.

ASIC has applied for Mr John Lindholm, of Ferrier Hodgson, Melbourne, to be appointed as liquidator and, pending hearing of the winding up application, as provisional liquidator of the company, to provide a report to the court and to ASIC on the affairs of the company.

The matter has been listed for hearing in the Supreme Court of Victoria in Melbourne on 29 May 2015.

ASIC's investigation into the affairs of Planet Platinum Limited is continuing.

Editor's note 1:

A hearing at which ASIC sought to have Mr Lindholm appointed as liquidator was heard on 29 May and 1 June 2015, and will resume on 5 June 2015.

Editor's note 2:

The hearing of ASIC's application to appoint Mr Lindholm as a provisional liquidator concluded on 5 June 2015, with the Court reserving its decision.

Editor's note 3:

On 15 June 2015, following a successful ASIC application, the Supreme Court of Victoria has ordered the appointment of Ferrier Hodgson partner John Lindholm as provisional liquidator to Planet Platinum Limited. (refer: 15-146MR)