Sheffield United announced that the Australian division of its partner Union Standard International Group PTY LTD has entered into voluntary administration on 8 July 2020.
Australian based forex broker USGFX said that these actions were driven by Australian Securities and Investments Commission (ASIC).
These actions have deeply harmed the USGFX brand and continue to consume excessive time and resources, despite no substantial allegations against USGFX being brought to court by ASIC since last December.
USGFX also announced that BRI Ferrier Peter Krejci and Andrew Cummins Insolvency and Business Recovery Accountants will be the administrators.
The FX and CFD broker stated that its directors and management are committed to continue their work with all parties and will assist in ensuring all legal requirements are satisfied.
The voluntary administration of the Australian arm of USG Group has not affected is FCA regulated UK branch according to Sheffield United’s statement.