ASIC has cancelled the Australian financial services (AFS) licence and Australian credit licence of All Class Insurance Brokers Pty Ltd (All Class), after it went into liquidation.
On 17 April 2013 Darren Vardy of RMG Partners was appointed as liquidator of NSW-based All Class.
All Class’s AFS licence required that:
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it be able to pay all its debts, and
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its total assets exceed its total liabilities.
Background
Section 915B(3)(b) of the Corporations Act 2001 allows ASIC to suspend or cancel an AFS licence held by a body corporate if the body, among other things, becomes an externally-administered body corporate.
Section 54(1)(c)(i) of the National Consumer Credit Protection Act 2009 allows ASIC to suspend or cancel a credit licensee’s licence if it becomes insolvent.