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Friday 12 December 2014

14-333MR ASIC winds up nine abandoned companies that owed more than $310,000 in employee entitlements

ASIC has exercised its wind up powers to appoint liquidators to nine abandoned companies to assist employees of these companies to gain access to the Fair Entitlements Guarantee scheme (FEG).

The appointment of liquidators also facilitates a full and proper investigation into the reasons why the companies failed and allows recovery of any voidable or unreasonable director-related transactions.

ASIC has now used its wind up powers in 2014 to appoint liquidators to 32 companies that owed a total of 99 employees more than $1.4 million in entitlements. (refer: 14-097MR and 14-210MR)

The latest abandoned companies owe at least 30 employees a total in excess of $310,000 in employee entitlements. The companies are:

Company

Liquidator and Firm

State

ITAP Australia Pty Ltd

Anne Meagher of SV Partners

QLD

CNP Properties Pty Ltd

Richard Hughes of Deloitte

QLD

Drake Pty Ltd

Anne Meagher of SV Partners

QLD

IGAS Services Pty Ltd

David Pratt of PWC

NSW

Global Geotech Australia Pty Ltd

Ross Blakeley of FTI Consulting

VIC

Malglor Pty Ltd

Stefan Dopking of FTI Consulting

QLD

DMG Tech Pty Ltd

Anne Meagher of SV Partners

QLD

LTP Group Pty Ltd

Richard Hughes of Deloitte

QLD

Celltek Electronics Pty Ltd

Ross Blakeley of FTI Consulting

VIC

Background

The FEG is a legislative safety net scheme funded by the Australian Government. It is designed to assist employees owed unpaid employee entitlements because of their employer company’s liquidation or the company directors’ bankruptcy.

However, some employees owed entitlements cannot access FEG because the companies’ directors are either unable to discharge their duties or abandoned their insolvent companies without putting them into liquidation. ASIC’s appointment of liquidators facilitates access to FEG for these employees. ASIC first used its powers in 2013 (refer: 13-233MR).

Editor's note 1:

On 18 April 2016, ASIC issued 16-117MR, noting that two further companies were wound up between June and September 2014 that did not appear in the list above. They are:

Company

Liquidator and Firm

State

ACN 009 471 416 Pty Ltd

Gary Doran of Deloitte

WA

All Plumbing & Gas Pty Ltd

Anne Meagher of SV Partners

QLD

Last updated: 30/03/2021 09:34