ASIC has cancelled the Australian credit licence of Australian Performance Finance Pty Limited, based in Sydney, after it was found that it had entered into receivership and was no longer engaging in credit activities.
On 2 December 2010, Australian Performance Finance was granted an Australian credit licence that authorised it to engage in certain ‘credit activities’ other than as a credit provider. Australian Performance Finance Pty Limited entered into receivership on 21 February 2012. Since entering receivership, Australian Performance Finance Pty Limited had ceased to engage in credit activities.
Under the National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an Australian credit licence with written notice if the licensee does not engage, or ceases to engage, in credit activities, or if the licensee is insolvent.
The Australian credit licence was cancelled with the effective date of 30 August 2012.