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Thursday 26 February 2009

AD09-50 ASIC welcomes court decision on Storm

ASIC has welcomed the decision of the Federal Court in Brisbane today to order that Storm Financial Limited be placed into liquidation.

This decision now permits the liquidators, Mr Ivor Worrall and Mr Raj Khatri, to begin the process of recovering money for the benefit of the creditors of Storm. ASIC intends to work closely with the liquidators to ensure this happens as quickly as possible.

The Court accepted ASIC’s application that it was in the best interests of creditors to have the company immediately wound up, rather than allowing the administration to continue.