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Federal courtroom orders liquidation of UK pension administration agency




Federal courtroom orders liquidation of UK pension administration agency | Australian Dealer Information















Wind-up ordered on “simply and equitable grounds”

Federal court orders liquidation of UK pension management firm

The Federal Court docket has mandated the liquidation of Brite Advisors on the idea of simply and equitable grounds, because of an motion introduced ahead by the Australian Securities and Investments Fee (ASIC).

Throughout a listening to held earlier this week, the courtroom was briefed on findings outlined in a report submitted by two investigative accountants it had appointed to the case final November.

The report by Linda Smith and Robert Kirman from McGrath Nicol highlighted that Brite was seemingly bancrupt from no less than Oct. 27, 2023. This provides to earlier findings from a earlier report, which revealed a discrepancy of US$69 million within the firm’s monetary reporting.

Brite is a UK-based pension administration agency with operations within the US, Hong Kong and Australia. It has an funding platform for self-invested private pension suppliers, qualifying recognised abroad pension schemes, and self-managed superannuation funds.

In accordance with Smith and Kirman, Brite claimed to own US$682 million on behalf of its shoppers and their beneficiaries. Nonetheless, their investigation might solely account for US$612.9 million in its monetary establishment accounts.

ASIC initiated authorized proceedings in opposition to Brite in October to safe interim asset preservation orders. The courtroom has determined to keep up these orders, with amendments to facilitate the execution of duties by the appointed liquidators and receivers and managers.

The courtroom appointed Smith and Kirman as liquidators for Brite. They had been additionally appointed as receivers and managers over Brite’s property, belongings, and undertakings held in belief for others.

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