Australian Securities and Investments Commission v United Global Capital Pty Ltd [2024] FCA 1215

Australian Securities and Investments Commission v United Global Capital Pty Ltd [2024] FCA 1215

There is a justifiable lack of confidence in the conduct and management of GCPF's affairs and a risk to the public interest that warrants protection. It is appropriate for a winding up order to be made under s 461(1)(k) of the Corporations Act 2001 (Cth).

Parties
Applicant: Australian Securities and Investments Commission; First Respondent: United Global Capital Pty Ltd; Second Respondent: Global Capital Property Fund Pty Ltd
Jurisdiction
Australia
Judgment Date
03 October 2024
Procedural Posture
Application for Winding Up Order / Final Judgment
Outcome
Global Capital Property Fund Pty Ltd wound up on just and equitable grounds.
Legal Topics
Winding Up on Just and Equitable Grounds, Corporate Governance, Conflict of Interest, Financial Services Licensing, Public Interest Protection
Corporations Winding Up on Just and Equitable Grounds Corporate Governance Conflict of Interest Financial Services Licensing Public Interest Protection

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Parties

Australian Securities and Investments Commission

Applicant

United Global Capital Pty Ltd

First Respondent

Global Capital Property Fund Pty Ltd

Second Respondent

Procedural Posture

Application for Winding Up Order / Final Judgment

Legal Issues

  1. 1 Whether Global Capital Property Fund Pty Ltd should be wound up on just and equitable grounds pursuant to s 461(1)(k) of the Corporations Act 2001 (Cth)
  2. 2 Whether there is a lack of confidence in the conduct and management of the company's affairs
  3. 3 Whether there is a risk to the public interest warranting protection

Ratio Decidendi

There is a justifiable lack of confidence in the conduct and management of GCPF's affairs and a risk to the public interest that warrants protection. It is appropriate for a winding up order to be made under s 461(1)(k) of the Corporations Act 2001 (Cth).

Court Disposition

Global Capital Property Fund Pty Ltd wound up on just and equitable grounds.

Orders

  • GCPF be wound up pursuant to section 461(1)(k) of the Corporations Act 2001 (Cth).
  • Ross Andrew Blakeley and Kelly-Anne Lavina Trenfield of FTI Consulting appointed as joint and several liquidators of GCPF.