5 February 2020
Having thoroughly considered a range of options following the appointment of receivers by China Taiping to holding company, Sargon Capital Pty Ltd, on 3 February 2020, Sargon’s directors appointed Stewart McCallum and Adam Nikitins from EY as Voluntary Administrators of the following holding companies:
RE Holdco Pty Ltd (Administrators appointed)
RSE Holdco Pty Ltd (Administrators appointed)
Sargon Services Pty Ltd (Administrators appointed)
SC Australian Holdings 1 Pty Ltd (Administrators appointed)
Sargon CT Holdings Pty Ltd (Administrators appointed)
Sargon International Holdings 2 Pty Ltd (Administrators appointed)
Sargon Superannuation Holdings SPV Pty Ltd (Administrators appointed)
Sargon Superannuation Holdings Pty Ltd (Administrators appointed)
The purpose of the appointment is to:
Protect the value of our business,
Protect the employment of our people, and
Preserve our collective intellectual property.
The voluntary administrations relate to the holding companies that sit between Sargon Capital, and its operating trustee entities – i.e. the companies listed above. The Voluntary Administrators have now taken control of these holding companies.
The voluntary administrations are not over the companies responsible for Sargon’s trustee and regulated businesses, such as Tidswell Financial Services Ltd, Diversa Trustees Ltd, Sargon CT Pty Ltd, CCSL Ltd, Madison Financial Group, or Sargon (NZ) Ltd.
Sargon’s trustee and regulated businesses are not in voluntary administration or administration or receivership of any kind, and will continue to trade as normal.
Sargon’s management, board of directors and operational teams for each of its trustees and licensees also remain in place, including all trustee entities.
The operational capability – across the business – remains as before and will continue to do so. Our employees remain focused on delivering services to our clients, while meeting their statutory and fiduciary responsibilities.
The assets held on behalf of Sargon’s clients are not at risk by way of the Voluntary Administrators’ appointments and are protected by regulatory, legal and other protections.