AUSTRALIAN CAREERS NETWORK LIMITED (ASX.ACO)

The company has been deregistered as of 20/04/2024

liquidators are not yet in a position to declare the shares worthless as litigation remains ongoing

Messrs John Lindholm and George Georges of KPMG have been appointed to act as liquidators

the Deed Administrators have formed the view that the DOCA in respect of the Group entities should be terminated and all of the Group entities should be placed into liquidation

delisted from the commencement of trading on Tuesday, 16 October 2018, pursuant to Listing rule 17.12.

we understand the company failed and ASX removed the company from listing as its securities have not been quoted for three years

ASIC has granted an extension to the deferral of certain obligations of ACO in relation to financial reporting and AGMs. This extended deferral commenced on 21 September 2018 and will end on the earlier of 20 March 2020, or the date on which ACO ceases to be in external administration. ASIC has also extended the period within which ACO must hold its 2016, 2017, 2018 or 2019 AGMs until the date that is 2 months after the end of the Extended Deferral Period. Accordingly, if the Extended Deferral Period expires on 20 March 2020, then ACO must hold its 2016, 2017, 2018 and 2019 AGMs by 20 May 2020. The Deed Administrators are still pursuing the most significant asset of ACO, being a significant claim for VET FEE-HELP by one of its subsidiaries, Phoenix Institute of Australia Pty Ltd. The Deed Administrators are continuing to engage with the Commonwealth Department of Education and Training with a view to resolving the question of Phoenix's entitlements. The Deed Administrators are dealing with a dispute involving proceedings commenced by the ACCC and the Commonwealth of Australia against Phoenix and Community Training Initiatives in the Federal Court of Australia. Those proceedings are ongoing.

Following a scheduled ASX internal system change affecting the Market Announcements Platform, it has been necessary to re-apply the "˜Suspend' session state. This announcement serves to re-confirm the securities of this entity remain suspended.

ASIC has granted a deferral of certain obligations of ACO in relation to financial reporting and annual general meetings. This deferral commenced on 20 September 2016 and will end on the earlier of 20 September 2018, or the date on which ACO ceases to be in external administration.

Under listing rule 17.6, any entity (if not already suspended) that had not paid its annual listing fees by close of business on Monday 22 August 2016 will have its securities suspended from official quotation before the commencement of trading on Tuesday 23 August 2016. The company has not paid its annual listing fees in respect of the year ending 30 June 2017 but the securities are already suspended from official quotation.

A share sale agreement for ACO's wholly owned subsidiaries was finalised. Accordingly, the terms of the DOCA for these entities were effectuated and John Lindholm and George Georges retired as Deed Administrators. The ownership and control of the entities have transferred to the purchaser.

A share sale agreement for ACO's wholly owned subsidiary Centre of Vocational Education Pty Ltd (COVE) was finalised on 26 May 2016. Accordingly, the terms of the DOCA for COVE were effectuated and John Lindholm and George Georges retired as Deed Administrators. The ownership and control of COVE have transferred to the purchaser. The Administrators have also entered into a contract of sale for the assets of International Training College Pty Ltd, a wholly owned subsidiary of ACO.

The administrators are in the process of realising the businesses and assets of International Training College Pty Ltd and Centre of Vocational Education (COVE). Further, on 11 April 2016, ASIC confirmed financial reporting relief was granted until 21 September 2016. The administrators will reaccess the company's financial reporting requirements closer to this date and if the company's AGM will proceed, which is due to be held no later than 30 November 2016.

Please be advised that the Administrators' report to creditors pursuant to Section 439A of the Corporations Act 2001 was circulated to creditors on 26 April 2016, together with a notice of the second meeting of creditors which is to be held on Wednesday, 4 May 2016.

The administrators are currently undertaking an urgent assessment of the business with a view to determining how the Voluntary Administration should proeed. The company's subsidiaries operate the following businesses: Wizard Corporate Training; International Training College; and Centre of Vocational Education. The administrators are calling for expressions of interest in relation to these businesses and a potential going concern sale.

It is with regret that the Board of Australian Careers Network Ltd has resolved to place the company and its subsidiaries into Voluntary Administration. Messrs John Lindholm and George Georges of Ferrier Hodgson have been appointed to act as Voluntary Administrators.

The Company refers to its announcement on 7 March 2016 and confirms that it is still reviewing its position in light of the determination by the Federal Court. In particular, the Company is seeking legal advice on possible grounds for appeal. The Company refers to its announcement of 16 February and confirms that the ACCC and the Commonwealth were due to file their general evidence by 28 March 2016. With the timing of Easter, the ACCC and the Commonwealth have sought an extension to this date which the Company proposes to agree to. The Company believes that the lodgement of its Appendix 4D before it has made a determination how to proceed on the Federal Court decision could be misleading.

The Federal Court handed down judgement in the action by the Phoenix Institute of Australia against the Commonwealth to recover funds under the terms of its funding arrangements for the VET FEE HELP scheme.

Australian Careers Network Limited announces that the lodgement of its Appendix 4D for the half year ending 31 December 2015 will be delayed due to inherent uncertainties surrounding its half year results.

The hearing in the Federal court concluded yesterday. Judge Moshinsky reserved his judgment. Also, a directions hearing was held on Friday, 12 February 2016 with respect to the proceedings commenced by the ACCC and the Department of Education and Training against Phoenix. Whilst Phoenix is defending the allegations the subject of the proceedings, the Court set a timetable for the matter.

Notices of suspension of registration of Phoenix as a VET provider were previously received by the company from the Department of Education and Training (DET). The company does not agree that such revocation of Phoenix's approval as VET provider should take place and is putting together submissions to address concerns raised by DET. Also, the mediation in respect to the deferred payments did not result in a settlement. The company is pursuing its remedies through Federal court proceedings on the 11 and 12 February 2016.

Australian Careers Network Limited (ASX: ACO) is pleased to lodge the Appendix 4C for the quarter ending 31 December 2015.

The company provides a correction to the 18 January company update.

Despite the deferral of payments since October 2015, Phoenix has continued to train and assist around 21,000 enrolled students. Notwithstanding the latest determination, Phoenix will continue to meet its obligations to engage with and train all students eligible for VET FEE-HELP assistance and other enrolled students, As previously announced, the proceeding bought by Phoenix against DET in the Federal Court of Australia seeking to compel DET to pay the unpaid instalments is listed for hearing in mid-February 2015. In light of the continued non-receipt of payments, the Company is reassessing its operations and business strategies pending the outcome of the Federal Court proceedings.

The Federal Court of Australia yesterday ordered that the previously announced proceedings issued by Phoenix Institute of Australia Pty Ltd (Phoenix) against the Commonwealth Government is to be heard in mid-February 2016. Phoenix is seeking to have the Court set aside or quash decisions by the government to defer three VET FEE-HELP payments of $13.3 million each due to be paid in October, November and December 2015 and to compel payment of those amounts. The Court also ordered that by consent between the parties the proceedings be referred to a mediation in late January 2016 - early February 2016.

The Company is pleased to announce that by agreement with ASQA the court ordered that the decision to cancel the registration of Phoenix Institute of Australia as a Registered Training Organisation and CRICOS provider be stayed on conditions pending the hearing of the appeal or further order of the Tribunal.

The company is extending the voluntary suspension of its securities until 15 March 2016 until the proceedings regarding the VET FEE-HELP payments are determined or otherwise resolved.

In the Federal Court on 15 December the initial directions hearing was held regarding the matter of the ACCC and the Commonwealth vs Phoenix Institute and Community Training Initiatives. The Court ordered that Phoenix and CTI prepare a response to the Concise Statement by 5th February, 2016 with a case management hearing scheduled for 12th February, 2016. The Companies reiterate that these matters will be strongly defended. The position of the companies was strengthened on Monday when the ACCC finally provided the names of three named alleged victims in the proceedings.

Pursuant to ASX Listing Rule 3.10A, ACO advises that 5,323,529 ordinary shares that are subject to voluntary escrow will be released from escrow on 16 December 2015.

Previously, ACN announced its intention to appeal the findings of ASQA in relation to its subsidiary, Phoenix Institute. The Company can confirm that yesterday it lodged at the Administrative Appeals Tribunal an application for the review and stay of ASQA's decisions to cancel Phoenix's registration as registered training organisation and as a Commonwealth Register of Institutions and Courses for Overseas Students (CRICOS) provider. The company also announced it was making application to the Federal Court of Australia in regards to the non-payment of funds from the Federal Department. The Company can confirm that yesterday it lodged with the Federal Court of Australia an application to set aside or quash the decisions by Department of Education to defer the VET FEE-HELP payments and to compel DET to pay the amounts due.

The Board of Australian Careers Network Limited (ACN) notes reports in the weekend media in regards to the ongoing operations of its subsidiary, Phoenix Institute of Australia (Phoenix). The media correctly reported that Phoenix's facility in Queen Street, Melbourne, which hosted "real world" or "non online study" classes, had begun preparations for ceasing operations. The Board confirms that as part of cost cutting measures, Phoenix has taken steps to close the Queen Street facility as of the 18th December. It is important to note that this decision will only impact Phoenix students who attend the Queen Street premises in person for their training and will not affect online students using ACN's myTime Learning facility.

The Company refers to previous announcements and advises that Phoenix has received a further notice of deferral of payments from the Federal Department of Education on Friday 27 November 2015. The Department had previously deferred the payments due on 15 October and 15 November until 30 November. The Department has advised that these payments, together with the payment due on 15 December, are deferred until 15 January 2016. Such deferral is to allow the Department to conclude its investigations into whether all Phoenix student enrolments are bona fide, students have been offered prohibited inducements to sign up to courses and whether Phoenix has satisfied the tuition assurance requirements.

The Company advises that the ACCC and the Commonwealth (for the Department of Education and Training) has commenced proceedings against Phoenix and CTI, two wholly owned subsidiaries of the Company. The allegations have not been particularised in any detail. The Company intends to vigorously defend these proceedings.

ASQA has notified Phoenix that it has made a decision to cancel the Phoenix VET and CRICOS registrations. Phoenix does not agree with these decisions and proposes to seek an urgent stay of the decisions and otherwise apply to the Administrative Appeals Tribunal for a review of all the decisions. If a stay is granted, Phoenix would be entitled to continue to operate as an RTO subject to any conditions the AAT might impose.

Phoenix responded to the Department of Education and ASQA in good faith and provided all requested information. Phoenix is awaiting responses from each regulator. Given the uncertainty around the possible outcome of the regulators determinations, the company sought an extension to its suspension until 18 December or such earlier date.

The Company advises that the ACCC has been conducting an investigation into the Phoenix Institute and the Phoenix Institute has been engaging with the ACCC in connection with this investigation. Phoenix received a notice from the ACCC on 18 November 2015 advising that the ACCC has concluded its investigation and has determined to instigate Court based proceedings against Phoenix in the Federal Court. The ACCC advised that, upon commencement of the proceedings, it would welcome further engagement with Phoenix to discuss the prospects of an early resolution to the matter.

The Department of Education advised that it would continue to defer certain payments, which had been due on 30 October, until 15 November subject to the Company providing the required clarification by 13 November. This clarification was provided on 13 November and the Department elected to extend the deferral until 30 November. The further deferral is to give the Department time to consider the clarifications provided by the Company. The Company is separately pleased to confirm that Victorian HESG payments continue to be made in the ordinary and normal course following their resumption on 30 October.

The company provides an update on regulatory matters.

The company provides an update on Victorian regulatory matters.

The company issues its quarterly report.

The company provides the Results of the 2015 Annual General Meeting of Shareholders Held on 26 October, 2015.

The company provides the chairman's address to shareholders at the 2015 AGM.

The securities of Australian Careers Network Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement by the Company. Security Code: ACO

listed entity carried for record purposes only