Court Orders USGFX Enter Liquidation 

Union Standard International Group Pty Limited (USGFX) is now officially in liquidation. This occurred after the Federal Court of Australia ordered the settlement for the foreign exchange broker.

The joint administrators of USGFX revealed that they have now been appointed as Joint and Several Liquidators. This was as of the 3rd of September 2020 by Justice Yates of the Federal Court of Australia.

The USGFX joint administrators were Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd. They revealed this appointment in a Circular to Clients and Creditors.

Pursuant to their changed appointment, they have also prepared an updated Declaration of Independence Relevant Relationships and Indemnities. That took the date, 7 September 2020 and they have uploaded this to their firm’s website, Krejci wrote in the circular.

Reports said Krejci and Cummins previously alerted shareholders and creditors that they would be putting the broker under liquidation. This was following difficulties they faced in conducting their external administration from Soe Hein Minn. Minn is the director and the majority shareholder of the broker, and his representatives.

 

USGFX Applied to have Alternate Liquidator to BRI Ferrier

In a Declaration of Independence, Relevant Relationships and Indemnities document published today, BRI Ferrier outlined these issues to date.

Following their appointment as Administrators, they encountered substantial difficulties. These were in dealing with the Company’s affairs and conducting investigations.

This was due to the conduct of the shareholder, Union Standard Group International Holdings Limited and Soe Hein Minn. Mr. Minn is one of the Directors of the Company and the major beneficial owner of the shareholder.

Moreover, there were major difficulties preventing the completion of objectives for the Act. And the Voluntary Administration should not continue, in their view.

Accordingly, they filed an application in the Federal Court of Australia. In fact, they were seeking orders that the Voluntary Administration end and the Company be wound up on just and equitable grounds.

In the document, BRI Ferrier revealed that the shareholder of USGFX applied to the Federal Court of Australia. This was to have an alternate liquidator appointed to the broker.