Dealer groups, accounting businesses and a self-managed superannuation fund (SMSF) are among a list of creditors seeking around $9.3 million from embattled financial services firm Trio Capital.
Regional NSW advisory firm Kilara Financial Solutions and listed accounting group WHK Financial Services lodged claims against Trio for $280,000 and $250,000 respectively, according to minutes of a creditors’ meeting filed with ASIC in December 2009.
Neither WHK nor Kilara Financial Solutions were available for comment at the time of writing.
The SMSF fund, called the Gaden Provident Fund, had the largest claim at around $880,000.
High-end wealth advisory and accounting services firm Centric Wealth lodged a claim for $236.48.
It is understood Centric’s claim is for trail commissions relating to a small number of legacy risk insurance clients. The investments were placed under another licensee in 2000.
It is also believed a number of other dealer groups have made claims against Trio as they stopped receiving ongoing commissions from the financial services firm.
The director of another privately-owned regional NSW advice firm, who spoke on the condition of anonymity, said the firm had around $5 million of clients’ assets invested in Trio’s products.
The firm had not received the thousands of dollars in commissions it usually received since November 2009, the director said.
The creditors’ meeting was held on 29 December and was chaired by PPB partner Neil Singleton.
According to notes from the meeting, Singleton said efforts would be made in investigating each of Trio’s managed investment schemes to determine if they were liquid and had assets that could be identified or realised.
He also said the identification and location of assets, both locally and overseas, would form part of the administrator’s investigations regardless of the domicile of the related counterparty.
Trio Capital was placed in external administration and came under the control of its administrators Stephen James Parbery, Neil Singleton and Nicholas Martin of PPB, in December.
