The Federal Court in Brisbane has placed Storm Financial (Storm) into liquidation.
The court approved the corporate regulator's application and accepted ASIC's decision to have the company immediately wound up, rather than allowing the administration to continue.
ASIC welcomed the court decision on Storm.
"The decision now permits the liquidators to begin the process of recovering money for the benefit of the creditors of Storm," a statement from ASIC said.
"ASIC intends to work closely with the liquidators to ensure this happens as quickly as possible."
On 19 March, ASIC applied to the Federal Court to put Storm into liquidation, claiming it was in the best interests of creditors and retail investors.
ASIC's decision to move on liquidation orders came after the corporate regulator found Storm's deed of company arrangement (DOCA) placed on the Cassimatis' personal website did not provide a fair and balanced summary of the terms of the DOCA.
