ASIC seeks orders to wind up investment and technology companies

ASIC has applied to the Supreme Court of Queensland for orders to wind up two public companies, Gognos Holdings Ltd (Gognos) and Dynamic Agri Tech Ltd (Dynamic), on just and equitable grounds.

In particular, ASIC alleges that:

  • the companies have been involved in multiple contraventions of corporations legislation and are not complying with their obligations under that legislation; and
  • there is a justifiable lack of confidence in the conduct and management of the companies’ affairs which gives rise to a risk to the public that warrants protection.

ASIC has applied for the Court to appoint Messers Michael Hill and William Harris, of McGrathNicol, as joint and several liquidators of the companies.

Gognos and Dynamic are opposing ASIC’s winding up application.

On 24 October 2016, the matter was adjourned by consent until 6 December 2016 for further directions.

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