The Federal Court of Australia has made orders for property investment company Global Capital Property Fund Limited (GCPF) to be wound up on just and equitable grounds, appointing Ross Blakely and Kelly-Anne Trenfield of FTI Consulting as liquidators.
The Australian Securities and Investments Commission (ASIC) applied for the winding-up of GCPF as it holds numerous concerns about the management of GCPF’s business.
On 20 June 2024, ASIC obtained interim orders from the Federal Court freezing the assets of GCPF and related financial advice licensee United Global Capital Pty Ltd (UGC) (now in liquidation).
The Court subsequently discharged the freezing orders against UGC following the appointment of a liquidator to that company and on 1 October 2024, dismissed the proceeding against UGC by consent.
On 9 September 2024, ASIC filed an amended application seeking orders including the appointment of liquidators to GCPF. GCPF consented to the liquidators’ appointment.
At a hearing yesterday, the Court appointed liquidators to GCPF and varied the freezing orders to allow the liquidators to take any action regarding GCPF’s property.
Investors and creditors can contact the liquidators with any queries by emailing:
- GCPF Investors – investors@fticonsulting.com
- GCPF Creditors – creditors@fticonsulting.com
- GCPF (general) – gcpf@fticonsulting.com
ASIC’s investigation into UGC and GCPF is continuing.
