The Federal Court in Melbourne has ordered Brisbane-based Global Merces Funds Management be wound up, having appointed liquidators from McGrathNicol.
The court ruled Global Merces be wound up on just and equitable grounds, appointing Anthony Connelly and Michael Hill of McGrathNicol as joint and several liquidators of the company.
The order has come through after ASIC applied to have the company wound up on 24 January.
The regulator had previously suspended Global Merces’ Australian financial service license for a period of six months, following a voluntary administrator being called in on 13 January.
ASIC stated it commenced the winding up proceedings to protect the public, in circumstances where it holds concerns about the conduct of the affairs of the company and its insolvency.
The company is the responsible entity of Global Merces Access Fund, Global Merces Equities Fund and Covesta; with the funds being collectively referred to as ‘the schemes’.
According to its website, Global Merces has offered responsible entity, trustee, corporate trust and custodian services, along with fund administration, reporting and registry services.
Global Merces had held its AFS license since February 2015.
The regulator’s investigation into Global Merces is ongoing.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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