Liquidators appointed to Ultima United

ASX-listed property development company Ultima United has gone into liquidation less than a month after telling the market it would be seeking legal representation to stop the process.  

A statement posted to the ASX on April 14 said Christopher Pattinson and Daniel Bredenkamp of Pitcher Partners had been appointed joint and several liquidators of Ultima, whose shares have been suspended since September last year after it failed to lodge financial statements for the 2022 financial year.

Ultima was listed as having residential properties in Bentley and Cannington per its latest quarterly update in August 2022.

“The liquidators have assumed control of the company’s assets and will work with the board during the liquidation period to maximise the outcome for all stakeholders of the company,” a statement from Pitcher Partners read.

The appointment comes weeks after Ultima issued a statement to market advising Subiaco-based corporate advisory firm SmallCap Corporate had commenced court proceedings seeking to have the company wound up for allegedly failing to pay $95,505 in invoices.

Ultima said the payment was "overlooked due to key personnel resignations" and claimed it made relevant payments by the deadline but that SmallCap “went ahead with lodging proceedings regardless”.

In the same statement, Ultima said it had since established that an initial fund transfer was not received due to a currency error.

“In this regard, UUL is sure that the payment will be received by SmallCap latest 3 April 2023 and will subsequently be seeking legal representation to put a stop to the liquidation proceedings,” it said.

That was the last update from the company prior to liquidators being appointed, with the process believed to still be in its early stages.

Ultima has been contacted for comment.