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ASIC

Warns on insurance cover

ASIC has successfully applied to the Federal Court for a provisional liquidator to be appointed for AMCO Insurance Management Group Pty Ltd, AMCO Group Pty Ltd, ACC AMCO Consortium Company Pty Ltd and United Investment Funds Pty Ltd.

These four Australian companies were writing insurance on behalf of Bosnian-based insurer Grand Osiguranje AD Zvornik, but ASIC was concerned at the validity of the insurance.

ASIC has been concerned that Grand has not authorised any of the AMCO companies or their representatives to act as a foreign insurance agent on its behalf, and that Grand may not be legally obligated to honour the contracts of insurance.

ASIC understands 1100 people hold policies, many for high-performance sports car insurance, that may be worthless.

Over $2 million in premiums has been paid to one or more of the AMCO companies, to cover a potential exposure which ASIC estimates to be approximately $240 million.

Those holding Grand insurance can call the Insurance Enquiries and Complaints hotline - 1300 780 808 - for advice about alternate insurance options.

Michael Scales from Ernst & Young is provisional liquidator of the AMCO companies.

Grants relief on child care prospectus

ASIC has made provision for Child Care Centres Australia Limited to offer those who purchased shares in the company’s recent fundraising, the opportunity to return these shares and have their money refunded.

The relief allows directors to refund money where they believe it to be in the best interests of the company, including its creditors and other shareholders.

Puts out interim policy statement and class order

ASIC has released an interim policy statement about the financial reporting and annual general meeting obligations of externally administered companies.

The statement, PS 174 - Externally administered companies: Financial reporting and AGMs, can be found on www.asic.gov.au.

ASIC has also issued Class Order [CO 03/0392], which exempts companies in liquidation from the financial reporting obligations in Part 2M.3 of the Corporations Act.

The order also grants some other externally administered companies an extension of time in which to lodge and, where applicable, distribute an upcoming financial report.

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