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ASIC obtains orders to wind up Global Rule

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The Australian Securities and Investments Commission (ASIC) has obtained orders, by consent, in the Supreme Court of Queensland appointing Michael McCann, of Grant Thornton, as liquidator of Global Rule Pty Ltd (Global Rule) and as trustee of the Global Rule Trust.

Freezing orders were also made restraining the disposal of any property by Global Rule’s director, Frederick Leslie Hansen, for 12 months. Global Rule’s other director, William John Meywes, was declared bankrupt on 22 October 2010.

Global Rule raised funds from individuals who were offered 21.6% per annum in interest payments through unsecured loan agreements. The receivers’ report, prepared in October 2010, estimated that around 170 individuals loaned money to Global Rule and that approximately USD16.3 million is still owed to lenders.

ASIC’s investigations are continuing.

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