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ASIC obtains orders to wind up SunEnergy companies

by Martha.Ware 25. July 2011 08:56

ASIC has obtained orders to wind up two companies related to solar energy group, SunEnergy, following concerns the companies and one of the directors engaged in misleading and deceptive conduct.

The Federal Court in Adelaide appointed Mr Martin Lewis, of Ferrier Hodgson, as liquidator of ACN 124 647 909 Limited (formerly Sun Energy Limited) and SunEnergy Asia Pacific Pty Limited.

The orders follow wind up proceedings initiated by ASIC on 23 June 2011 over concerns that the companies were involved in multiple contraventions of corporations legislation and were not complying with their legal obligations. ASIC also alleged the companies were not being properly managed and that consequently, investors’ funds may be at risk. This action is consistent with ASIC’s focus on ensuring companies and their officers meet required standards and carry out their business in the best interests of the company.

Mr Lewis will be required to identify, collect and secure the assets of the companies for the benefit of creditors.

Individuals who invested through the named companies or who can provide relevant information, are encouraged to contact Mr Lewis on + 61 08 8100 7600.


Background


On 25 March 2011, ASIC obtained declarations and orders in the Federal Court in Adelaide that the companies and one of the directors, John Ernest Price, had engaged in conduct that was misleading or deceptive, or likely to mislead or deceive, as part of a fundraising undertaken by the SunEnergy companies and Mr Price between May 2007 and October 2010.

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