The document confirms to ASIC that the company is “not carrying on business”, and its assets are “worth less than $1000”.

Mr Donaire resigned from the company last month, according to documents lodged with ASIC.

The dissolution of the business also brings its controversial relationship with the cricketer to an end.

“We would also like to inform you that Michael Clarke is no longer associated with Global Tech Exchange and the Global Tech Exchange Blockchain education and awareness program,” said the notice on the company’s website.

Mr Clarke’s public endorsement of the business in August this year via a tweet was widely criticised. In the tweet Mr Clarke said he was excited to be involved with Global Tech, alongside his photograph.

Bronte Capital founder John Hempton accused Mr Clarke of “squandering his reputation on an initial coin offering”.

“Whether Michael Clarke is breaking Australian law regarding advertising investments with this tweet I will leave for ASIC and their lawyers to decide,” he wrote in his blog.

The publicity associate with Mr Clarke’s endorsement of the company, and its attempted cash raising, drew ASIC’s attention.

The regulator confirmed to Fairfax Media that it contacted Global Tech about the proposed raising given it did not have a financial services licence.

Last month ASIC reported that it had prevented five ICOs since April.

“If you raise money from the public, you have important legal obligations,” said ASIC Commissioner John Price.

“It is the legal substance of your offer – not what it is called – that matters. You should not simply assume that using an ICO structure allows you to ignore key protections there for the investing public and you should always ensure disclosure about your offer is complete and accurate,” he said.

“Global Tech would like to inform you that it wishes to comply with all of ASIC’s requirements and requests, to the best of its ability,” the company said in the final statement on its website.

It is all that remains of the business.

Colin Kruger is a business reporter. He joined the Sydney Morning Herald in 1999 as its technology editor. Other roles have included the Herald’s deputy business editor and online business editor.

Categories: Business News