The Federal Court has made orders for property investment company Global Capital Property Fund Limited (GCPF) to be wound up on just and equitable grounds, appointing Ross Blakeley and Kelly-Anne Trenfield of FTI Consulting as liquidators.
ob体育 applied for the winding-up of GCPF as it holds numerous concerns about the management of GCPF鈥檚 business.
On 20 June 2024, ob体育 obtained interim orders from the Federal Court freezing the assets of GCPF and related financial advice licensee United Global Capital Pty Ltd (UGC) (now in liquidation) (24-135MR).
The Court subsequently discharged the freezing orders against UGC following the appointment of a liquidator to that company and on 1 October 2024, dismissed the proceeding against UGC by consent.
On 9 September 2024, ob体育 filed an amended application seeking orders including the appointment of liquidators to GCPF. GCPF consented to the liquidators鈥� appointment.
At a hearing yesterday, the Court appointed liquidators to GCPF and varied the freezing orders to allow the liquidators to take any action regarding GCPF鈥檚 property.
Investors and creditors can contact the liquidators with any queries by emailing:
- GCPF Investors 鈥� [email protected]听听
- GCPF Creditors 鈥撀� [email protected]
- GCPF (general) 鈥� [email protected]
ob体育鈥檚 investigation into UGC and GCPF is continuing.
Download
Background
UGC operated a financial advice business holding an Australian financial services licence with Joel Hewish its sole director and key person on the licence. GCPF has been an authorised representative of UGC since 25 March 2020.
ob体育 made interim stop orders on 5 and 21 July preventing the offer of shares to retail investors under GCPF鈥檚 prospectus as well as further interim stop orders on 29 August and 13 September 2022 preventing the issue of shares due to a deficient target market determination (23-002MR).
On 3 June 2024, as a result of ob体育鈥檚 investigation into UGC, ob体育 cancelled UGC鈥檚 Australian financial services licence pursuant to section 915C(1) of the Corporations Act. Additionally, ob体育 made an order under sections 920A and 920B of the Corporations Act (24-170MR) banning Mr Hewish for 10 years from involvement in a financial services business. Mr Hewish has applied to the Administrative Appeals Tribunal for a review of the banning decision.
On 5 July 2024, UGC entered voluntary administration and on 9 August 2024 UGC鈥檚 creditors resolved to wind-up UGC and appoint David Stimpson of SV Partners as liquidator. SV Partners鈥� contact details are: , 22 Market Street Brisbane QLD 4000, (07) 3310 2000.
More information
Further details and updates are on ob体育鈥檚 enforcement activities webpage which can be accessed via Enforcement Activities UGC.
ob体育's website has further information on the liquidation process and what it means for shareholders and creditors, including this insolvency webpage.