ASIC appoints liquidators to Diploma Group Limited and its subsidiaries

Justice McKerracher of the Federal Court of Australia (Perth) has yesterday appointed David Hodgson and Andrew Hewitt, of Grant Thornton, as liquidators to ASX-listed Diploma Group Limited (Receivers and Managers Appointed) (Provisional Liquidators Appointed) and its nineteen subsidiaries following an application by ASIC. The subsidiaries are:

1. Diploma Construction (WA) Pty Ltd (Receivers and Managers Appointed) (Provisional Liquidators Appointed);
2. DGX Construction Pty Ltd (Receivers and Managers Appointed) (Provisional Liquidators Appointed);
3. Diploma Properties Pty Ltd (Provisional Liquidators Appointed);
4. Diploma TCO Holdings Pty Ltd (Provisional Liquidators Appointed);
5. Diploma Construction (NSW) Pty Ltd (Provisional Liquidators Appointed);
6. Diploma Capital Pty Ltd (Provisional Liquidators Appointed);
7. Allegro Realty Holdings Pty Ltd (Provisional Liquidators Appointed);
8. Diploma Development Management Pty Ltd (Provisional Liquidators Appointed);
9. Weststructure Pty Ltd (Provisional Liquidators Appointed);
10. 24 Flinders Lane Pty Ltd (Provisional Liquidators Appointed);
11. 176 Adelaide Tce Pty Ltd (Provisional Liquidators Appointed);
12. Rockingham Serviced Apartments Pty Ltd (Provisional Liquidators Appointed);
13. Chemlabs Emporium Pty Ltd (Provisional Liquidators Appointed);
14. Allegro Realty Pty Ltd (Provisional Liquidators Appointed);
15. 300 Lord St Pty Ltd (Provisional Liquidators Appointed);
16. 303 Campbell St Pty Ltd (Provisional Liquidators Appointed);
17. 254 West Coast Hwy Pty Ltd (Provisional Liquidators Appointed);
18. Subiaco Residential Apartments Pty Ltd (Provisional Liquidators Appointed); and
19. Diploma Capital Securities Pty Ltd (Provisional Liquidators Appointed)

(collectively, the Diploma Subsidiaries).

ASIC made the application in relation to Diploma Group Limited and the Diploma Subsidiaries to protect the interests of shareholders, investors and creditors.

ASIC’s investigation into the Diploma Group is ongoing.

Mr Hodgson and Mr Hewitt had previously been appointed as provisional liquidators of Diploma Group Limited and the Diploma Subsidiaries on 22 May 2017. In addition, they (together with Matthew Donnelly, also of Grant Thornton) had previously been appointed as voluntary administrators by the directors of Diploma Group Limited, Diploma Construction (WA) Pty Ltd and DGX Construction Pty Ltd on 22 December 2016.

Mr Hodgson and Mr Hewitt have separately applied to the Court to be re-appointed as voluntary administrators of Diploma Group Limited pursuant to a deed of company arrangement proposed by a company related to the Di Latte family. The application is listed for hearing on 13 September 2017.

Creditors of the twenty companies placed into liquidation should contact the Liquidators if they have questions about their rights.