Court Orders USGFX Enter Liquidation, BRI Ferrier Remains as Liquidators
- USGFX applied to the Federal Court of Australia to have an alternate liquidator appointed to the broker.
Union Standard International Group Pty Limited (USGFX) is now officially in liquidation after the Federal Court of Australia ordered that the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term) 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.
“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.
Union Standard International Group Pty Limited (USGFX) is now officially in liquidation after the Federal Court of Australia ordered that the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term) 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.
“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.