Ascent Investments and Coaching Pty Ltd and Michael Dunjey

ASIC is investigating Ascent Investment and Coaching Pty Ltd (Ascent) and its director, Michael Jefferson Dunjey of Western Australia.

ASIC’s investigation arose from concerns that:

Ascent may have received funds from members of the public and these funds may have been improperly dealt with.
Ascent may have been operating an unregistered managed investment scheme.
Next steps for creditors
ASIC’s investigation is ongoing and ASIC continues to speak with people who provided funds to Ascent.

ASIC’s Information Sheet 45 Liquidation: A guide for creditors contains helpful information for creditors of companies in liquidation.

If you are a creditor of Ascent and have questions about the liquidation of Ascent or the lodgement of a claim, you can contact the liquidators by email at [email protected].

Contact us
People wishing to provide information to ASIC are invited contact the investigation team via email in the first instance at [email protected]. A member of the team will respond as soon as possible.

Freezing orders
In December 2021, ASIC obtained interim orders from the Federal Court freezing the assets of Ascent and Michael Dunjey (see 21-352MR).

ASIC sought the orders to help protect investor funds while its investigation continued.

Appointment of provisional liquidators
Following an application by ASIC in March 2022, the Federal Court ordered the appointment of provisional liquidators to Ascent (see 22-036MR and 22-129MR).

The Court appointed Matthew Donnelly and Sean Holmes of Deloitte Financial Advisory as provisional liquidators and made orders for a report to be provided to the Court by 22 June 2022, including information about:

the assets and liabilities of Ascent;
an opinion as to the solvency of Ascent;
the likely return to creditors if Ascent was wound up; and
an opinion as to whether Ascent has kept adequate and accurate financial records.
The matter was heard on 29 and 30 June 2022 regarding the winding up of Ascent and appointment of liquidators.

Appointment of liquidators and receivers
On 21 April 2023, the Federal Court ordered Ascent be wound up on just and equitable grounds, together with the managed investment scheme it operated.

Matthew Donnelly and Sean Holmes of Deloitte Financial Advisory Pty Ltd were appointed as liquidators to Ascent and the managed investment scheme. Mr Donnelly and Mr Holmes were also appointed receivers over the Ascent Trust.

More information
ASIC has released the following media releases about the matter:

23-104MR Michael Dunjey’s Ascent Investment and Coaching Pty Ltd ordered into liquidation
22-129MR ASIC succeeds in application to appoint provisional liquidators to Ascent Investment and Coaching Pty Ltd
22-036MR ASIC applies to appoint provisional liquidators to Ascent Investment and Coaching Pty Ltd
21-352MR Court freezes funds and assets of Ascent Investment and Coaching and its Western Australian director
General information
ASIC’s Moneysmart provides more information about Investment scams and what to do if you’ve been scammed.

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