ASIC secures order to wind up Global Merces Funds Management

Maria Nikolova

Anthony Connelly and Michael Hill of McGrathNicol have been appointed as joint and several liquidators of the company.

The Australian Securities and Investments Commission (ASIC) has secured a court order to wind up Global Merces Funds Management Ltd. The Federal Court of Australia in Melbourne has ordered that Global Merces be wound up on just and equitable grounds.

Anthony Connelly and Michael Hill of McGrathNicol have been appointed as joint and several liquidators of the company.

The court issued the order following ASIC’s application to have Global Merces wound up. The application was filed on January 24, 2020.

The regulator explains that it launched the proceedings in order to protect the public in circumstances where it holds concerns about the conduct of the affairs of the company and its insolvency.

Last month, ASIC suspended the Australian financial service (AFS) licence of Global Merces for a period of six months, effective from January 21, 2020 to July 20, 2020. The suspension follows the appointment of Jarvis Lee Archer of Revive Financial Pty Ltd as administrator to Global Merces on January 13, 2020.

Global Merces is the responsible entity of Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803.

ASIC’s investigation in relation to Global Merces continues.

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