ASIC HARD AT WORK

Wednesday 14 June 2017
17-184MR ASIC seeks orders to wind up Octaviar Group Companies

ASIC has applied to the Supreme Court of Queensland for an order that Octaviar IHH Pty Ltd (deregistered) (OIHH) be reinstated as a company under the Corporations Act 2001 (Act) and for orders to wind up OIHH, Octaviar Investment Holdings (No 3) Pty Ltd (OIH3), Erskine House Developments Pty Ltd (EHD) and Sunleisure Pty Ltd (SPL) on just and equitable grounds (companies).
Each of the companies is a member of the Octaviar Group of companies of which the ultimate holding company is Octaviar Limited (in liquidation) (formerly known as MFS Limited).
ASIC is concerned that OIH3, EHD and SPL are contravening provisions of the Act, including the requirement for a proprietary company to have at least one director.
ASIC has applied for the Court to appoint Andrew Fielding and Helen Newman, of BDO Australia, as joint and several liquidators of the companies.
The matter is listed for hearing in the Supreme Court of Queensland on 22 June 2017.