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Monday 20 June 2016

16-196MR ASIC applies to appoint provisional liquidators to Uglii Corporation Limited

ASIC has applied to the Federal Court of Australia for the appointment of provisional liquidators to six companies within the Uglii Group, namely:

  • Uglii Corporation Limited (ACN 085 265 309)
  • Traralgon Technology Holdings Limited (ACN 130 403 520)
  • Uglii Find Australia Limited (ACN 101 790 505)
  • BizMio Limited (ACN 123 172 412)
  • Projects Discovery Services Pty Ltd (ACN 112 690 347)
  • Uglii Ads System Pty Ltd (ACN 604 405 263)

In particular, ASIC:

  • alleges that the companies have been involved in multiple contraventions of corporations legislation and are not complying with their obligations under that legislation; and
  • is concerned that the companies are not being properly managed and are insolvent or likely to become insolvent.

ASIC seeks from the Court:

  • the appointment of Ms Robyn Erskine and Mr Adrian Hunter of Brooke Bird as provisional liquidators of the companies; and
  • orders requiring the provisional liquidators to provide a detailed report to the Court that sets out, among other things, the financial position of each of the companies so the Court can consider at a later date whether it ought to make orders to wind up the companies.

ASIC’s application has been listed for hearing in the Federal Court of Australia at Melbourne on 1 July 2016 at 9.30am.

ASIC's investigation into the activities of the companies is continuing.

Investors and shareholders in the defendants named in ASIC's proceedings should check our dedicated Uglii Group webpage for more information.

Background

Uglii Corporation Limited (Uglii) is an information technology development company that is based in Traralgon, Victoria. Uglii is an unlisted public company with approximately 2,500 shareholders.

Editor's note 1:

On 8 September 2016, the the Federal Court of Australia ordered the appointment of Ms Robyn Erskine and Mr Adrian Hunter of Brooke Bird as joint and several provisional liquidators of Uglii Corporation Limited, Traralgon Technology Holdings Limited, Uglii Find Australia Limited, BizMio Limited, Projects Discovery Services Pty Ltd and Global Ads System Pty Ltd (formerly Uglii Ads System Pty Ltd). Refer 16-300MR for more information.

 

Last updated: 07/11/2016 03:34