Dealer group Wright Global Investments (WGI) has been placed in liquidation, with the location of assets believed to run into the hundreds of thousands of dollars yet to be accounted for.
On 30 September, WGI's administrator, Peter Ngan of Ngan & Co, filed a special resolution with ASIC to wind up the company.
On the same day, Ngan resigned as WGI administrator and assumed the role of company liquidator at the request of WGI creditors.
In minutes of meetings of WGI creditors on 23 September, individual creditors continued to question the location of company assets, including alleged unpaid adviser commissions.
"The chairman [Ngan] responded that based on evidence, authorised representatives are unsecured creditors of the company and funds received from product providers are now mixed funds and were banked into the company's operating bank account," the minutes said.
The minutes noted that one creditor requested it be noted that the company had mixed funds in its accounts.
The minutes also noted a former WGI employee, believed to be linked to the firm's compliance department, was alleged to have taken assets in the company.
Former WGI director Graham Kinder denied the allegations, stating experts had ruled out the employee for theft.
"Mr Kinder noted that he had engaged a computer expert to review the company's files, which indicated [the WGI employee] was not responsible for the theft," the minutes said.
The minutes showed former WGI chief executive Mark Schroeder informed the meeting that all adviser commissions were paid up to date at the time he left the company.
Kinder disputed Schroeder's comments, the minutes said.
They also revealed that when Kinder took over the directorship of WGI in June this year, he believed the company would return as a going concern as he had the financial backing and support of the group's advisers.
As a result, Kinder repaid a loan to former Trio Capital chief executive Shawn Richard in the interest of reducing the company's debt.
WGI collapsed owing around $2 million to its employees and advisers, with more than $1 million linked to Richard, according to minutes of the firm's creditors' meeting.
Earlier this month, Ngan used a report to WGI creditors to query the transfer of $285,000 from the WGI company bank account to accounts linked to the company's former chief.
According to Ngan's report to creditors, dated 14 September, the amount was transferred in part-payments between 16 March and 28 May this year into three separate accounts: Chameleon Consulting, Mark Schroeder and Schroeder Capital.
Ngan's investigations also indicated the beneficiaries of the assets might be linked to up to seven individuals or companies: Ipraxis, Varker Nominees, Beulah Capital, Schroeder Capital, Mark Schroeder, Mornington Financial Planning Group and Jillian Lees.
WGI was placed in voluntary administration in August.
