ASIC has applied to the Federal Court to put Storm Financial into liquidation, saying it is in the best interests of creditors and retail investors.
The regulator's application was prompted by information published on the Cassimatis website, which ASIC believes is misleading.
This information concerned the proposal for a deed of company arrangement (DOCA) to be voted on at the creditors' meeting.
The Federal Court had adjourned the meeting of creditors to 30 March 2009 and fixed ASIC's application for a full hearing on 24 March.
"The issues raised by the proposed DOCA are complex and concern the conduct of potential future litigation by Storm as well as releases of liability of the directors of Storm," the ASIC statement said.
ASIC's application to the court also raises the issue of whether the DOCA is so flawed that it could ever be in the interests of creditors.
The regulator is investigating all of the circumstances around the collapse of Storm, which include possible actions against Storm, its directors and officers.
