The corporate watchdog has appointed liquidators to Queensland financial services company Your Trading Room, after an inquiry revealed the company has no director and had vacated its premises.
It has also been reported the company is being led by entrepreneur Les Freeman, who was banned by the watchdog in 2010 from acting as a director of any business for the next four years after a string of collapses.
The company has raised about $10 million from thousands of investors over the world, and promotes itself as a type of international currency trading company, which also offers classes and coaching services.
The Australian Securities and Investments Commission said in a statement liquidators had been appointed by the Supreme Court of Queensland following its application.
“The appointment follows enquiries being made by ASIC which revealed that YTR has no director and had vacated its Australian business premises in Cannon Hill, Brisbane,” it said.
Corporate law dictates businesses must have at least one director and shareholder.
Simon Vertullo and Damian Templeton of KPMG were appointed as provisional liquidators. Both were contacted by SmartCompany this morning, but a reply was not available prior to publication.
Your Trading Room was also contacted, but no reply was received.
ASIC said the liquidators will attempt to secure the assets and records of Your Trading Room and report to the court about the affairs of the company before it moves to wind-up the company. An application for that motion will be heard on May 10.
Although Your Trading Room lists its headquarters as being in Australia, it operates offices in the United States and Hong Kong as well.
The Australian reports the company is led by entrepreneur Les Freeman, even though he was banned in 2010 by ASIC from being a director of a company for the next four years.
Freeman had been involved in other businesses including Co-Develop Australia, along with a furniture importing company. Both companies collapsed, after having raised millions from investors.