Wind-up ordered on “simply and equitable grounds”
The Federal Court docket has mandated the liquidation of Brite Advisors on the premise of simply and equitable grounds, on account of an motion introduced ahead by the Australian Securities and Investments Fee (ASIC).
Throughout a listening to held earlier this week, the courtroom was briefed on findings outlined in a report submitted by two investigative accountants it had appointed to the case final November.
The report by Linda Smith and Robert Kirman from McGrath Nicol highlighted that Brite was probably bancrupt from a minimum of Oct. 27, 2023. This provides to earlier findings from a earlier report, which revealed a discrepancy of US$69 million within the firm’s monetary reporting.
Brite is a UK-based pension administration agency with operations within the US, Hong Kong and Australia. It has an funding platform for self-invested private pension suppliers, qualifying recognised abroad pension schemes, and self-managed superannuation funds.
In accordance with Smith and Kirman, Brite claimed to own US$682 million on behalf of its shoppers and their beneficiaries. Nevertheless, their investigation might solely account for US$612.9 million in its monetary establishment accounts.
ASIC initiated authorized proceedings towards Brite in October to safe interim asset preservation orders. The courtroom has determined to keep up these orders, with amendments to facilitate the execution of duties by the appointed liquidators and receivers and managers.
The courtroom appointed Smith and Kirman as liquidators for Brite. They have been additionally appointed as receivers and managers over Brite’s property, belongings, and undertakings held in belief for others.
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