THE former builder of the Yanchep Surf Club is due back in the Federal Court on July 26.
The Australian Securities & Investments Commission said it made the application for the Diploma Group, including its subsidiary DGX Construction, which had its contract to build the Yanchep building terminated by the City of Wanneroo, to be liquidated to protect the interests of shareholders, investors and creditors.
The commission said its investigation into the Diploma Group was ongoing.
In a statement on May 22 the commission said creditors of the 20 companies affected should contact the provisional liquidators if they had questions about their rights.
The statement said the Federal Court had lifted an earlier stay on the appointment of David Hodgson and Andrew Hewitt, of Grant Thornton, as provisional liquidators to the ASX-listed Diploma Group.
“The provisional liquidation commenced on May 22 with the provisional liquidators required to provide a detailed report to the court within 45 days that sets out, among other things, the financial position of the Diploma Group,’’ the statement said.
“On December 21, 2016 a secured creditor appointed Martin Jones and Andrew Smith of Ferrier Hodgson as receivers and managers of Diploma Group Limited, Diploma Construction (WA) Pty Ltd and DGX Construction Pty Ltd.
“Following this, on December 22, the directors of Diploma Group Limited, Diploma Construction (WA) Pty Ltd and DGX Construction Pty Ltd appointed Matthew Donnelly, Mr Hewitt and Mr Hodgson of Grant Thornton as voluntary administrators (administrators) to those three companies – Mr Donnelly later ceased.
“The administrators held the first creditors meeting on January 6.
“The second creditors meeting held on May 8 was adjourned for up to 45 days to allow the administrators to consider further information that came to light after ASIC commenced proceedings against the Diploma Group.
“The appointment of the provisional liquidators brings the previous administrations of three companies to an end.’’
