Confidential agreements between creditors and the administrator of Sonray Capital Markets (Sonray), as well as ongoing third party investigations, may mean the cause of the broking group's failure will not be publicly known for some time.
At a meeting of creditors last week, all participants signed a confidentiality agreement stating any information shared by the administrators and the committee was confidential, the creditor's meeting chair and Ferrier Hodgson administrator, John Lindholm, said.
"[Lindholm] advised that all participants in the meeting had executed a confidentiality agreement and that any information shared by the administrators with the committee was strictly restricted to those who had signed the confidentiality agreement," minutes from the meeting said.
Lindholm said ASIC are continuing with their investigations into the activities of Sonray, with Ferrier Hodgson providing assistance to the regulator where necessary.
He said Ferrier Hodgons' investigations into potential claims against the company's pre-appointment insurance policies had been completed, with the group continuing to liaise with their solicitors.
"Further discussion regarding the potential insurance claims has been omitted as it is considered to be commercially sensitive and confidential," the minutes said.
Lindholm said the administrator had also received interest in the company's trading platform, but said it is unlikely there would be significant realisations from a sale as it was custom created.
"Further discussion regarding the potential sale of the platform has been omitted as it is considered to be commercially sensitive and confidential," the minutes said.
In July, administrators said more than 25 interested groups had been in contact regarding Sonray assets.
Meanwhile, litigation firm Slater & Gordon is also investigating the activities of the company after angry Sonray clients approached them over allegations their funds had been frozen by Ferrier Hodgson, Slater & Gordon practice group leader David Andrews said.
Andrews could not comment on the progress of firm's investigations, stating only that they were continuing.
Sonray was placed in voluntary administration on 22 June this year.
