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ASIC applies to wind up Continental Coal

The Australian Securities & Investments Commission, orASIC, said April 5 that it applied to the Federal Court of Australia to wind upContinental CoalLtd., saying that the company is not being properly managed and hasbeen involved in multiple legal breaches, and is also insolvent.

The commission alleges that Continental has failed to complywith its continuous disclosure obligations, lodge its audited accounts andconvene its annual general meeting, appoint a second Australian residentdirector, and hold application monies received under a rights issue on trust.

ASIC has applied for Robert Kirman of McGrathNicol to beappointed as provisional liquidator and as official liquidator of the companyto provide a report to the court and the ASIC on company matters.

The hearing in the Federal Court of Australia is scheduledfor April 8.

In December 2015, the ASIC obtained interim court orders forasset preservationagainst Continental director Peter Landau as part of an ongoing investigationinto his alleged use of investor's subscription money at a time when they werelawfully required to be held on trust.