Stargroup Ltd exits External Administration

Maria Nikolova

The Receivers and Managers, as well as the Deed Administrators have retired.

Australian financial technology company Stargroup Ltd, known for its efforts to develop Bitcoin ATMs, has exited External Administration. This becomes clear from an announcement filed with ASX today.

The Deed Administrators say that the conditions of the Deed of Company Arrangement (DOCA) have all been satisfied or waived and the DOCA was effectuated on November 30, 2018. Accordingly, the Receivers and Managers, as well as the Deed Administrators have retired, the Company has exited External Administration and the control of the Company has been passed to newly appointed company directors.

Pursuant to the terms of the DOCA, Ms Kyla Garic, Mr John Kay, and Mr Sam Modica, have been appointed to the Board. The Board will now actively seek new opportunities to facilitate the relisting of the company on ASX.

Let’s recall that the administration covered Stargroup Ltd, Star Payment Systems Pty Ltd, Stargroup Investments Limited, and Star ATM Pty Ltd.

Securities in Stargroup were from official quotation on ASX effective October 19, 2017, as the company said an announcement on its debt restructuring was due. About a month later, on November 20, 2017, the company announced that it appointed Richard Tucker and John Bumbak of KordaMentha Restructuring as Receivers and Managers. The Receivers and Managers advised that they intend to pursue a “business as usual” strategy and that they start an immediate process to seek expressions of interest to sell or recapitalize the business.

In early December 2017, Stargroup said that Mr Todd Zani had stepped down from his role as Chief Executive Officer of the company.

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<