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16-427MR Court orders wind-up of Uglii Corporation Limited and related companies
The Federal Court of Australia has ordered that Uglii Corporation Limited, Traralgon Technology Holdings Limited, Uglii Find Australia Limited, BizMio Limited and Projects Discovery Services Pty Ltd be wound up and that Robyn Erskine and Adrian Hunter of Brooke Bird be appointed as liquidators.
Justice Davies made the orders on an application by ASIC, on the basis that each of the companies is insolvent.
ASIC’s application to wind up Global Ads System Pty Ltd (formerly Uglii Ads System Pty Ltd) was adjourned for further hearing at 11.30am on 9 December 2016.
Uglii Corporation Limited (Uglii) is an information technology development company that was incorporated in 1998 and is based in Traralgon, Victoria. Uglii is an unlisted public company with approximately 2,500 shareholders.
During its existence Uglii made various representations to its investors over a number of years concerning the alleged value of intellectual property it was in the process of developing. Uglii did not generate any trading income during its existence.
Since June 2015 the directors of Uglii were John Christopher Knorr (resigned 22 March 2016), Heather Jeanne Knorr, Bruce Dawkins (resigned 20 September 2016) and Irene Hole.
On 8 September 2016 the Federal Court, on the application of ASIC, ordered that provisional liquidators be appointed to Uglii and associated companies. The Court also ordered that the provisional liquidators produce a report to the Court within 42 days that set out, among other things, an opinion as to the solvency of the companies. Read the Court's reasons for those orders.
On 9 December 2016 the Court adjourned ASIC's application to wind up Uglii Ads System Pty Ltd to 10.15am on 2 March 2017.
Editor's note 2:
On 2 March 2017 the Court ordered that Uglii Ads System Pty Ltd be wound up and that Robyn Erskine and Adrian Hunter of Brooke Bird be appointed as liquidators.
Justice Davies made the orders after finding that the company was insolvent.