Further investigations into Victorian Families Retirement & Investment Group (Victorian Families) have delayed the examination of the group’s financial state, according to the firm’s liquidator.
Worrells Solvency and Forensic Accountants (Worrells) is yet to relinquish its duties as the court-appointed liquidator of the Storm Financial (Storm) subsidiary because of unresolved investigations.
“The company’s client book was sold in June 2009 and in accordance with the contract one payment was made at settlement and a second payment was to be made twelve months later,” Worrells’ account documents to ASIC said.
“There are also further investigations to be conducted.”
Victorian Families sold the client book of its Geelong Wealth Management Group in June for $246,600, according to the documents dated 13 November 2009.
The firm has four priority creditors who are owed $12,661.75 and 30 unsecured creditors owed $1,739,449.15, the documents said.
Worrells began its examination of Victorian Families in April this year after being appointed as the firm’s liquidator by the Federal Court.
In early April, the Federal Court in Brisbane ordered the Storm subsidiary to be wound up.
Storm closed its doors on 15 January.
