The Australian court has granted the immediate liquidation order of the administrators for Union Standard International Group Pty Ltd (USGFX).
07 September, 2020 | AtoZ Markets – USGFX is an Australian based broker offering trading services of FX currency pairs, CFDs, commodities, indices, gold, silver, crude oil, and bitcoin on the MT4/MT5 platform. Headquartered in Sydney, USGFX is regulated by the Australian Securities and Investments Commission (ASIC) and holds AFSL-302792.
USGFX Is Officially in Liquidation After the Court Order
Last week, BRI Ferrier, an external administrator of the bankruptcy broker USGFX, issued a notification informing to liquidate the broker immediately. They were unable to properly perform their voluntary administration.
USGFX is now officially in liquidation following an order from the Federal Court of Australia. A court stated Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd to be appointed joint and several liquidators of the company.
“Pursuant to our changed appointment, we have also prepared an updated Declaration of Independence Relevant Relationships and Indemnities dated 7 September 2020. We have uploaded this to our firm’s website,” Krejci wrote in the circular. BRI Ferrier said that USGFX shareholders have filed in the Australian Federal Court to have an alternate liquidator appointed to the broker.
BRI said there is interference to handle the business of the company and investigate the financial situation. It states that the owner of USGFX also refused the request and even the court order to provide access to the MT4 and MT5 platforms on which the business operates.
USGFX announced that it entered into voluntary administration on 8 July 2020. BRI Ferrier had also appointed as the external administrator. Australian Securities and Investment Commission (ASIC) took USGFX into court since December last year. The voluntary administration decision forced due to ASIC said the broker.
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