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It wants this opinion,as well as advice on the company's assets,solvency and likely return to creditors,within 42 days of the liquidators being appointed.
Mr Gutnick is one of Australia’s best-known business figures,was once a regular on the BRW richest 200 list and a benefactor to many Jewish charities.
As president of a stricken Melbourne Football Club during the 1990s,the ordained Rabbi's financial support kept the club alive.
Mr Gutnick said on Tuesday that Merlin Diamonds was reviewing ASIC's filings.
"It's been handed to lawyers to examine and defend,"he said.
ASIC has sought an order to release to Deloitte documents it has amassed relevant to Merlin Diamonds,Mr and Mrs Gutnick and a host of Gutnick-controlled or associated private companies.
Among the named private companies is AXIS Consultants,which The Age andSydney Morning Herald revealed in February was at the heart of ASIC's investigation into Merlin Diamonds.
AXIS,which shares the same Moray Street Southbank office as Merlin Diamonds,has received about $18 million dollars in unsecured loans from publicly-traded companies led by Mr Gutnick,including Merlin Diamonds and the company formerly known as Top End Minerals.
Unfortunately for shareholders,AXIS has been unwilling or unable to repay bulk of the loans,which have had to be written off by the public companies as impairments and are,most likely,unrecoverable.
"The terms of the Loans appear to be unreasonable,uncommercial and non-arm's length,"ASIC's media statement said.
Merlin detailed the terms of these AXIS loans in its 2015 annual report stating:"No fixed terms for repayment of loans between the parties,no security has been provided and no interest charged."
When the Australian Securities Exchange started asking questions about the loans to AXIS in October last year,Merlin Diamonds reported that it"does not have access to the financial information of AXIS".
This was despite Mr Gutnick,his son Mordechai Gutnick and long-time business associates,Peter Lee and David Tyrwhitt,all having served as directors of Merlin Diamonds and AXIS at some stage in relevant years when money was loaned.
At the same time as Merlin Diamonds was transferring money to AXIS- which would then often makes loans to other Gutnick-associated entities - staff and consultants at the company’s Northern Territory mine complained they had gone months without pay.
Mr Gutnick earlier this year said nearly all outstanding claims had been resolved.
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In February Mr Gutnick appeared unconcerned by ASIC’s investigation into Merlin Diamonds and his network of private companies saying:"I’ve had ASIC look at transactions I’ve done for 30 years."
But with ASIC’s new leadership team of chairman James Shipton and prosecutor Daniel Crennan QC promising a more aggressive approach in the wake of the banking royal commission,Mr Gutnick may face a more rigorous examination.
The Federal Court has yet to schedule a hearing for ASIC's action against Merlin Diamonds,with the corporate watchdog filing its documentation last Thursday.