ASIC's application alleged that the company is not being properly managed and has been involved in multiple contraventions of the corporation’s legislation.
“The Court decided to appoint a provisional liquidator, having regard to regulatory non-compliance issues, the lack of any proper governance of the company, the general uncertainty concerning the proper management of whatever assets the company does have, and the questions surrounding the company's solvency,” ASC said in a statement.
The Court held further that "all the evidence suggests that the company lacks any proper governance or management at this point."
ASIC made the application to protect the interests of shareholders, investors and creditors.
Robert Michael Kirman, of McGrathNicol, Perth, has been appointed the provisional liquidator of Continental Coal.
The matter is listed for further hearing in the Federal Court of Australia in Perth on 27 May 2016, at which time ASIC will apply to wind up Continental Coal and seek the appointment of Kirman as the official liquidator, ASIC said.
