Information for shareholders and creditors of:
- Uglii Corporation Ltd (In Liquidation)
- Traralgon Technology Holdings Ltd (In Liquidation)
- Uglii Find Australia Limited (In Liquidation)
- BizMio Limited (In Liquidation)
- Projects Discovery Services Pty Ltd (In Liquidation)
- Global Ads System Pty Ltd (In Liquidation) (formerly Uglii Ads System Pty Ltd) (Collectively, the Uglii companies)
- ASIC was concerned that the Uglii companies were unable to pay their debts and ASIC lacked confidence in the management of the companies.
- ASIC filed an application in the Federal Court seeking orders to appoint a provisional liquidator to the Uglii companies.
- The Court ordered that a provisional liquidator be appointed to the Uglii companies. The provisional liquidator conducted an independent investigation into the Uglii companies and a report of which was presented to the Court.
- The Court determined the Uglii companies should be wound-up.
ASIC is Australia’s corporate, markets and financial services regulator. We are an independent government agency.
Why did ASIC take this action?
ASIC was concerned that the Uglii companies are unable to pay their debts and we lack confidence in the management of the companies. ASIC was also concerned that current and potential shareholders and creditors are not being informed about the financial position of the Uglii companies.
It is a serious (and potentially criminal) breach of the Corporations Act for a director to allow a company to trade while it is insolvent.
ASIC took action in the public interest, which includes the protection of shareholders and creditors.
On 8 September 2016 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 the Uglii companies.
On 24 October 2016 the provisional liquidators provided to the Court a report which included:
- the identification of the assets and liabilities of each of the companies; and
- an opinion as to the solvency of each of the companies;
On 6 December 2016 the Federal Court of Australia ordered the appointment of Ms Robyn Erskine and Mr Adrian Hunter of Brooke Bird as joint and several liquidators of the Uglii companies, except Global Ads System Pty Ltd.
On 2 March 2017 the Federal Court of Australia ordered the appointment of Ms Robyn Erskine and Mr Adrian Hunter of Brooke Bird as joint and several liquidators of Global Ads System Pty Ltd.
The purpose of liquidation of an insolvent company is to have an independent and suitably qualified person (the liquidator) take control of the company so that its affairs can be wound up in an orderly and fair way for the benefit of all creditors.
Now that liquidators are appointed, they will conduct further investigations into the affairs of each of the companies and determine whether there are any claims which may be made, or any transactions which may be recoverable for the benefit of creditors. Any likely return to creditors' will depend on the outcome of these further investigations.
The liquidators are neither agents nor employees of ASIC. They are completely independent of ASIC. The liquidators are officers of the Court and bound to act in accordance with any orders made. The costs of the liquidations are met from the assets of the companies.
Getting help and advice
If you are experiencing financial hardship, a free and independent financial counsellor can talk through your situation and suggest ways to help. You can call the Financial Counselling Hotline on 1800 007 007 (9:30am to 4.30pm, Monday to Friday) or visit MoneySmart for more information.
Where can I get more information?
Creditors and shareholders seeking further information about the Uglii companies that are in liquidation should contact Brooke Bird, Chartered Accountants:
- Website: http://www.brookebird.com.au/
- Address: 471 Riversdale Road, Hawthorn East, VIC 3123
- Telephone: +61 3 9882 6666
Issued: 2 March 2017
Media releases and Court proceedings
- 16-427MR Court orders wind-up of Uglii Corporation Limited and related companies
- 16-300MR Court appoints provisional liquidator to Uglii Corporation Limited and other related companies
- 16-217MR Uglii Group provides undertaking to Court
- 16-196MR ASIC applies to appoint provisional liquidators to Uglii Corporation Limited