Union Standard International Group Pty Limited (USGFX) is now officially in liquidation after the Federal Court of Australia ordered that the foreign exchange (forex) broker be wound up.

In a Circular to Clients and Creditors, the joint administrators of USGFX, Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd, revealed today that they have now been appointed as Joint and Several Liquidators as of 3rd September 2020 by Justice Yates of the Federal Court of Australia.

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“Pursuant to our changed appointment, we have also prepared an updated Declaration of Independence Relevant Relationships and Indemnities dated 7 September 2020 and have uploaded this to our firm’s website,” Krejci wrote in the circular today.

As Finance Magnates reported, Krejci and Cummins previously alerted shareholders and creditors that they would be putting the broker into liquidation following difficulties they faced in conducting their external administration from Soe Hein Minn, 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 the issues it has had to date: “Following our appointment as Administrators, we encountered substantial difficulties in dealing with the Company’s affairs and conducting investigations due to the conduct of the shareholder, Union Standard Group International Holdings Limited and Mr Soe Hein Minn, one of the Directors of the Company and the major beneficial owner of the shareholder. 

“The difficulties were such that the objects of the Act could not be met and the Voluntary Administration should not continue, in our view. Accordingly, we filed an application in the Federal Court of Australia, 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 to have an alternate liquidator appointed to the broker.