The Supreme Court of Victoria has today ordered that Ultrapay Limited (Ultrapay) be wound up on the grounds that it is insolvent. This follows an application by the Australian Securities and Investments Commission (ASIC).

Mr Matthew Jess of Worrells Solvency and Forensic Accountants has been appointed as liquidator to the company.

The order to wind up Ultrapay follows the Court’s appointment of Mr Jess on 19 November 2010 as a provisional liquidator of Ultrapay. The winding up order was made after the Court considered a report prepared by Mr Jess where he expressed the opinion that Ultrapay was unable to pay its debts and was insolvent.

The Court also ordered that ASIC’s costs of the application be considered costs in the winding up.

Background

Ultrapay is a public company listed on the Australian Securities Exchange. The trading in Ultrapay’s securities has been continuously suspended since 28 August 2007.

On 15 November 2010, MSI (Holdings) Pty Ltd, a secured creditor of Ultrapay, appointed Richard Albarran, David Anthony Ross and Blair Alexander Pleash of Hall Chadwick as Joint and Several Administrators of Ultrapay. On 19 November 2010, Associate Justice John Efthim ordered that the Administration of Ultrapay be terminated and that Mr Jess of Worrells be appointed as provisional liquidator to the company.