Corporate regulator ASIC has filed charges against five former executives of bankrupt former investment management company MFS Limited, alleging they misappropriated funds and falsified accounts.

The accused – former CEO and director Michael Christodoulou King, former deputy CEO Craig Robert White, and three other executives – now face civil proceedings in the Supreme Court of Queensland.

They are alleged to have diverted around $147.5 million of company funds to pay the debts of its subsidiaries, and then falsifying paperwork to disguise the transactions.

ASIC said it was seeking a declaration of contraventions, penalties, compensation and disqualifications from managing companies.

MFS was once a publicly listed company, but has since changed its name to Octaviar and gone into liquidation.