ASIC has obtained orders in the Federal Court on 28 June 2013 to wind up Sydney based retail derivatives issuer Apex Derivatives Pty Ltd. Apex promoted trading in forex and contracts for difference (CFD) derivatives via their website.

Daniel Walley and Scott Pascoe of PPB Advisory have been appointed by the Court as liquidators.

ASIC issued a Court application on 28 May 2013 seeking the company be wound up because Apex:

• was advertising through its website that it had an Australian Financial Services (AFS) licence, when it did not;

• appeared to be insolvent;

• had ceased all business operations; and

• from February 2013, did not have a director resident in Australia.

On 6 February, ASIC was advised that Apex did not have enough cash to repay 270 clients in full; it held net tangible assets of less than $500,000 and was in breach of its AFS licence requirements.

On 20 February 2013, ASIC cancelled Apex' AFS licence.