ASIC has applied to the Federal Court for the appointment of provisional liquidators to Ascent Investment and Coaching Pty Ltd (Ascent).
ASIC is concerned that:
- Ascent was operating an unregistered managed investment scheme that is required to be registered;
- Ascent is producing little business-generated revenue and is being sustained almost entirely through borrowings;
- Ascent’s primary means to make payments on loans is money it receives from further loans;
- Ascent has substantial liabilities in comparison to its assets;
- Ascent’s financial records are inaccurate and incorrect.
ASIC seeks from the Court:
- the appointment of Matthew James Donnelly, Sean Holmes and Timothy Bryce Norman of Deloitte Financial Advisory Pty Ltd as provisional liquidators to Ascent;
- orders requiring the provisional liquidators to provide a detailed report to the Court that sets out, among other things, the financial position of Ascent so the Court can consider whether it ought to make orders to wind up the companies.
The matter has been listed for a further case management hearing on 1 June 2022.
ASIC’s investigation of Ascent is continuing.
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