The Federal Court of Australia has ordered real estate investment company Global Capital Property Fund Limited (GCPF) to be wound up on fair and impartial grounds, according to FTI Consulting’s Ross Blakely and Kelly-Ann Trenfield. was appointed as liquidator.
The Australian Securities and Investments Commission (ASIC) has applied to liquidate GCPF, citing a number of concerns about its business operations.
On 20 June 2024, ASIC obtained an interim order from the Federal Court freezing the assets of GCPF and its associated financial advice licensee United Global Capital Pty Ltd (UGC), which is currently in liquidation.
Thereafter, the court lifted the freezing order against UGC following the appointment of a liquidator against UGC and dismissed the proceedings against UGC by consent on October 1, 2024.
On 9 September 2024, ASIC filed an amended application seeking orders including the appointment of a liquidator to the GCPF. GCPF agreed to the appointment of a liquidator.
At yesterday’s hearing, the court appointed a liquidator for GCPF and modified the freezing order to allow the liquidator to take any action with respect to GCPF’s assets.
Investors and creditors can contact the liquidator by email.
GCPF Investors – Investors@fticonsulting.com GCPF Creditors – Creditors@fticonsulting.com GCPF (General) – gcpf@fticonsulting.com
ASIC continues its investigation into UGC and GCPF.
