ASIC takes action to wind up 95 companies

95 companies — with names including Geo Securities Pty Ltd, Genesis Capital Resources Pty Ltd, Guanhong Securities Pty Ltd, Rising Sun Capital Pty Ltd, Gold Rush Global Group Pty Ltd, Nasd Trading Group Pty Ltd — were placed into provisional liquidation on 1 November on application by ASIC.

Few details have been revealed as the matter is subject to confidentiality orders, but ASIC has disclosed that complaints have been made against some of the companies and appear to be associated with websites which may have facilitated scam activity.

Catherine Conneely and Thomas Birch of Cor Cordis were appointed as provisional liquidators of the companies.

A case management hearing to fix the hearing for final relief is scheduled for 5 December. Interested parties seeking to be heard on the application for final relief are required to file their evidence by 25 November 2024.

ASIC has been ordered to pay $500,000 towards any of the provisional liquidators’ costs that are not recoverable from the assets of the companies.