Brief: ASIC gets approval for Berndale receivers

ASIC has successfully applied to the Federal Court for orders to appoint receivers and managers of former OTC derivatives issuer, Berndale Capital Securities Pty Ltd and related companies, Berndale Capital Securities Management Pty Ltd and Algoplus Pty Ltd. Rachel Burdett-Baker and Bruno Secatore, of Cor Cordis, Melbourne, have been appointed to act as receivers. ASIC said it sought the appointment of receivers "due to concerns about Berndale's financial records, its handling of client monies, the adequacy of its client money reconciliation reports and Berndale's client monies purportedly being held outside of Australian authorised deposit-taking institutions, in breach of legal requirements."