The Federal Court has ordered that Ascent Investment and Coaching Pty Ltd (Ascent) be wound up on just and equitable grounds, together with the managed investment scheme operated by Ascent.
The orders follow freezing orders obtained by ASIC against Ascent and its director, Michael Dunjey, in December 2021 (21-352MR) and ASIC's application to wind up Ascent in March 2022 (22-036MR).
Matthew Donnelly and Sean Holmes of Deloitte Financial Advisory Pty Ltd were appointed as liquidators to Ascent and the managed investment scheme. Mr Donnelly and Mr Holmes were also appointed receivers over the Ascent Trust.
The Federal Court's reasons and certain orders are currently subject to a non-publication order. A redacted copy of the Court’s orders is linked to this media release. The Court will consider whether the non-publication order should be lifted at a future hearing.
ASIC’s investigation into Ascent is continuing.
Any person who is concerned they have invested with Ascent can contact ASIC at Ascent.Investigation@asic.gov.au or the liquidators of Ascent.
Download
Background
Further information for consumers and things to check before you invest, can be found at Moneysmart.gov.au/investment-warnings.
On 13 December 2021, the Federal Court made orders freezing the assets of Ascent and its director, Micheal Dunjey, who was also ordered to surrender his passport and be restrained from departing Australia. On 20 December 2021, those orders were extended by consent until further order (21-352MR).
On 1 March 2022, ASIC made an application to the Federal Court to wind up Ascent and for the appointment of provisional liquidators to Ascent (22-036MR).
On 3 June 2022, Court made orders appointing provisional liquidators to Ascent (22-129MR).
Editor's note:
On 2 June 2023, non-publication orders were lifted. The Court made declarations that Ascent had contravened the law by operating a managed investment scheme that was required to be registered and in doing so operated a financial services business, while unlicensed.