Regulator seeks to deregister PowerVault as VCAT call looms

THE corporate regulator is seeking to have embattled renewable energy business PowerVault deregistered.

The Australian Securities & Investments Commission (ASIC) on September 10 published a proposed deregistration notice for PowerVault parent company PVLT Holdings Pty Ltd.

Three subsidiary businesses, linked to the company’s three proposed Sunraysia solar farms that were knocked back by Mildura Council, also had ASIC-initiated deregistration notices issued this month.

Such notices can be issued for different reasons, according to the regulator’s website.

These include when a company failed to pay its annual review fee, or when it had not responded to a compliance notice, had not lodged any documents within 18 months and ASIC believed it was not in business.

ASIC did not respond to a request for information about the reasons for the four notices.

A company has two months after a notice is published to stop a deregistration.

PowerVault’s plans to build its contentious proposed solar farms at Merbein, Birdwoodton and Mildura rest on an appeal against Mildura Council’s decision to refuse planning approval.

The matter was expected to be heard by the Victorian Civil & Administrative Tribunal (VCAT) this month.

In July, a wind-up application instigated by a creditor claiming to be owed more than $92,000 by PVLT Holdings was dismissed in Adelaide’s Federal Court.

During those hearings, an affidavit signed by a solicitor acting on behalf of PVLT Holdings claimed a contract was in place to purchase the three Sunraysia properties subject to development approval being granted.

Four subsidiaries of PVLT Holdings were in March wound up after hearings in Victoria’s Supreme Court, where an affidavit revealed creditors of those companies were owed a combined $928,000.

In addition to ASIC’s notice against PVLT Holdings Pty Ltd, the other three subsidiaries facing deregistration were PowerVault Mildura Solar Generator One Pty Ltd, PowerVault Mildura Solar Generator Two Pty Ltd and PowerVault Mildura Solar Generator Three Pty Ltd.