The Federal Court of Australia in Melbourne has ordered that Global Merces Funds Management Ltd (Global Merces) be wound up on just and equitable grounds and appointed Mr Anthony Connelly and Michael Hill of McGrathNicol, as joint and several liquidators of the company.

On 24 January 2020, ASIC applied to have Global Merces wound up.

ASIC commenced the proceedings to protect the public in circumstances where it holds concerns about the conduct of the affairs of the company and its insolvency. 

ASIC’s investigation in relation to Global Merces is ongoing.

Background

Global Merces is the responsible entity of Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803 (collectively referred to as ‘the Schemes’).

A voluntary administrator was appointed to Global Merces on 13 January 2020.

On 21 January 2020, ASIC suspended the Australian financial service (AFS) licence of Global Merces for a period of six months.  (see MR 20-012)