Volt Corporation claims to have secured ASIC relief
Volt Corporation Limited announces that it has been granted one month’s relief from the obligation to lodge an annual report for the company’s financial year that ended on 31 March 2022.
Under the Order granted by the Australian Securities and Investments Commission (ASIC), the company does not have to comply with the obligation to lodge with ASIC under subsection 319(1) of the Corporations Act 2001, within the time required by subsection 319(3), an annual report for the financial year that ended on 31 March 2022.
The relief is needed to enable the Company to prepare its annual report on a non-going concern basis given Company’s fully owned subsidiary, Volt Bank Ltd, commencing a return of deposits (ROD) with the intent to request the cancellation of its ADI authorisation following completion of the ROD.
The Order applies until 31 July 2022.
On June 29, 2022, Volt Bank Limited said it intends to return all funds to depositors and ultimately relinquish its licence to operate as an authorised deposit-taking institution.
Volt’s decision to exit the banking industry and pursue other business opportunities is a commercial decision for Volt.
APRA said it will closely monitor the process to ensure funds are returned to Volt depositors in an orderly and timely manner.