Date Time
ASIC succeeds in winding-up Mayfair 101 debenture issuer
Following an application by ASIC, the Federal Court has ordered the winding up of M101 Nominees Pty Ltd, which issued secured debentures promoted by Mayfair 101 known as M Core Fixed Income Notes.
This is the first final outcome arising from ASIC’s court actions issued against Mayfair 101 Group companies and their director James Mawhinney. In this action, ASIC sought to protect the assets of M101 Nominees and the interests of M Core noteholders in circumstances where:
the product issuer had informed current investors of a liquidity event;
there appeared to be insufficient funds to repay investors; and
Date Time
Outcomes of review of ASIC Governance
The Government will implement significant changes to the governance of the Australian Securities and Investments Commission as a result of Dr Vivienne Thom AM’s review of ASIC Governance.
On 22 October 2020 the Auditor-General wrote to me bringing to my attention matters that he identified while conducting an audit of ASIC’s annual financial statements.
In response, I commissioned an independent review conducted by Dr Thom which considered:
the processes supporting the approval of remuneration and benefits paid to Executive Office holders, including the trigger points for seeking advice should amounts outside of the Remuneration Determination be considered for approval; and
ASIC has today released Consultation Paper 337 Externally administered companies: Extending financial reporting and AGM relief (CP 337) seeking feedback.
Date Time
Sydney liquidator pleads guilty to dishonesty and fraud charges
A former registered liquidator from Lewisham, New South Wales, Ms Amanda Young, has pleaded guilty to one count of fraud relating to the liquidation of St Gregory’s Armenian School Inc (St Gregory’s) and one count of dishonestly using her position as liquidator of Mamak Pty Ltd (Mamak).
ASIC alleged that between 10 December 2017 and 5 December 2018, while a liquidator of Mamak, Admark Property Group Pty Ltd and Roller Poster Company Pty Ltd, Ms Young caused the transfer of a total of $73,140 from the liquidation bank accounts of those companies to bank accounts that she controlled and then used the funds for her own purposes (20-160MR). The transfer in relation to the liquidation of Mamak was for $28,500.