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Tuesday 5 July 2016

16-217MR Uglii Group provides undertaking to Court

As part of proceedings commenced by ASIC to appoint provisional liquidators to six companies within the Uglii Group, the defendant companies have given an undertaking to the Federal Court relating to the offer of shares.

In particular, the defendant companiees, upon ASIC’s request, have given an undertaking to the Court that they will not make any offer of shares in the companies except:

  • to sophisticated or professional investors as defined in the Corporations Act;
  • to persons who are associated with the defendant companies as defined in the Corporations Act;
  • to existing shareholders who have invested $100,000 or more;
  • to persons who are outside Australia and who are neither Australian residents or citizens; or
  • through the holder an Australian Financial Services Licence who has given advice to the investor prior to the purchase of shares.

At a hearing on 1 July 2016, ASIC consented to an adjournment of its application for the appointment of provisional liquidators to the defendant companies until 10.15am on 29 July 2016 upon the provision of the undertaking. The adjournment was sought to give the defendants time to file any affidavits that they wish to rely in opposition to ASIC’s applications and are to be filed by no later 4pm on 22 July 2016.

Background

ASIC’s media release in relation to the issuing of proceedings before the Federal Court can be found here

A copy of the Court’s orders are available here.

Editor's note 1:

On 29 July 2016, the Federal Court heard ASIC's application for the appointment of provisional liquidators. The Court reserved its decision.

Last updated: 05/07/2016 12:00