ASIC has successfully applied to the Federal Court of Australia to wind up two NSW-based companies, SA Services & PW Pty Ltd (SA Services) and Orphans Asia Pty Ltd (Orphans Asia).
SA Services and Orphans Asia came to ASIC's attention during the investigation into PW Kitt Co Pty Ltd (PW Kitt Co) and Larry Dawson, both the subject of ASIC action in the Federal Court of Australia last year (20-187MR).
ASIC's application was based on concerns that SA Services and Orphans Asia allegedly obtained approximately $2.4 million in Australian investor funds through cold-calling Australian consumers and operating the now defunct website smsfadvisory.com. Neither SA Services nor Orphans Asia are licensed or authorised to deal in financial products or provide financial services.
At ASIC's request, the companies passed special resolutions resolving that their respective companies be wound up by the Court.
ASIC obtained orders that Michael Hill and Anthony Connelly of McGrathNicol, the current liquidators of PW Kitt Co, be appointed as joint and several liquidators of SA Services and Orphans Asia.
Background
ASIC's concerns about Orphans Asia and SA Services arose during its investigation into Larry Dawson and PW Kitt Co. Larry Dawson is a director of both PW Kitt Co and Orphans Asia. ASIC's investigation identified that PW Kitt Co obtained over $7.4 million in Australian investor funds through allegedly cold-calling and operating the websites smsfadvisory.com and pwkittco.com. PW Kitt Co held no licence or authority to deal in financial products or provide financial services.
ASIC has since successfully applied to the Court to wind up and appoint liquidators to PW Kitt Co. ASIC's action against Larry Dawson for breaching his duties as a director of PW Kitt Co has been adjourned pending the hearing and determination of a NSW Police criminal proceeding against Mr Dawson (20-187MR).
