ASIC revokes Responsible Entity's AFS licence
ASIC has suspended the AFS licence of Responsible Entity Services Limited until 11 June 2025.
Recently, the Australian Securities and Investments Commission (ASIC) announced the suspension of the Australian Financial Services (AFS) license (license number: 299024) of Responsible Entity Services Limited, due to its entry into external administration. The suspension will remain in effect until June 11, 2025.
On March 26, 2024, the company voluntarily entered into bankruptcy administration, with Rachel Burdett and Barry Wight of Cor Cordis appointed as administrators.
Under Chapter 5 of the Corporations Act, ASIC has the authority to suspend or cancel the AFS license of a company in administration. Despite the suspension, Section 915H of the Corporations Act allows the administrators to conduct certain necessary activities during the administration period, including:
- Transferring schemes to a new responsible entity;
- Investigating or preserving the assets and affairs of the schemes;
- Winding up the schemes.
This decision aims to ensure that the assets and interests of the schemes are properly managed and protected during the external administration of Responsible Entity Services Limited. ASIC will continue to closely monitor the situation to ensure that the administrators effectively fulfill their duties.
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