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ASIC obtains orders to wind up Global Rule

by Martha.Ware 21. June 2011 09:10

ASIC has obtained orders, by consent, in the Supreme Court of Queensland appointing Mr Michael McCann, of Grant Thornton, as liquidator of Global Rule Pty Ltd (Global Rule) and as trustee of the Global Rule Trust.

Freezing orders were also made restraining the disposal of any property by Global Rule’s director, Mr Frederick Leslie Hansen, for 12 months. Global Rule’s other director, Mr William John Meywes, was declared bankrupt on 22 October 2010.

Global Rule raised funds from individuals who were offered 21.6% per annum in interest payments through unsecured loan agreements. The receivers’ report, prepared in October 2010, estimated that around 170 individuals loaned money to Global Rule and that approximately $16.3 million is still owed to lenders.

ASIC’s investigations are continuing.


Background


On 13 September 2010, ASIC obtained interim orders in the Supreme Court of Queensland appointing Mr Michael McCann and Mr Graham Killer, of Grant Thornton, as receivers and managers over the assets of Global Rule. Freezing orders were also made restraining the disposal of any property (including monies and securities) by Global Rule’s directors Mr Hansen and Mr Meywes.

ASIC commenced its proceeding in the Supreme Court for the appointment of receivers and managers to identify and secure the assets for the benefit of creditors.

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