The Australian Securities and Investments Commission (ASIC) is seeking to appoint provisional liquidators to Sydney AI software company Semantic Software Asia Pacific Limited.
Semantic is a research and development company specialising in artificial intelligence technology.
The regulator has applied to the New South Wales Supreme Court to appoint provisional liquidators to investigate the company’s affairs and decide whether it should be wound up or not.
ASIC alleges that Semantic may be insolvent or is likely to be insolvent. It also alleges the company failed to lodge financial statements with ASIC, hold annual general meetings and keep accurate financial records and minute books.
The regulator also alleged Semantic issued shares without compliance and has issued shares to investors with a share buy-back guarantee in circumstances where the company did not have sufficient funds to meet that obligation.
In addition to the liquidators, ASIC also wants to have Semantic’s assets preserved and restrain a company director and former director from receiving or soliciting funds from investors and from advertising, promoting or marketing fundraising for Semantic.
ASIC’s application will be set for an initial hearing in the New South Wales Supreme Court on Monday, 28 June 2021.