The Australian Securities and Investments Commission (ASIC) has obtained federal court permission to wind up West Australian funds management company Finchley.
Finchley Central Funds Management oversaw investment schemes knows as Finchley Development Capital Funds (FCDF).
ASIC said Finchley ran two FDCF funds, which have on-lent their assets to property developers.
But in August, ASIC applied to have the company wound up, arguing that it had failed in its legal obligations, and that the trusts should be overseen by an independent observer.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.