Former Storm Financial clients have been urged to re-engage with an investor action group in light of a Storm court case heading to trial in September, three and a half years after the advisory firm's collapse.
Storm Investors Consumer Action Group (SICAG) co-chairman Mark Weir said there were concerns over the lack of ex-clients of the failed advisory firm who had come forward to participate in efforts to restore their lost assets.
"Regrettably, we did not have the benefit of a database to assist our initial efforts to organise the investors' group. We therefore had to rely on the Storm client network and the ongoing profusion of media attention given to the tragic events," Weir said in a statement released yesterday.
"Although we succeeded in identifying the majority through these sources, we believe there remain many, who for one reason or another, possibly through a misplaced feeling of embarrassment or simply not having the emotional energy to do what is necessary, have not come forward."
The trial in the case between ASIC and a number of parties associated with Storm, including a number of Australian banks, is scheduled to begin in the Federal Court Brisbane Registry on 10 September.
"ASIC has made an enormous effort and has left no stone unturned in gathering evidence that we believe will give their case every chance of success," Weir said.
He said a "healthy alliance" had also been established between the corporate regulator and legal firm Stewart Levitt Solicitors.
"As we draw closer to the trial date in September, we cannot overstate the importance for those Storm investors, who have not registered with SICAG or engaged legal counsel, to come forward and do so without delay," he said.
He said the law firm was also exploring a funding facility for "those who have limited liquidity, to enable them to participate in this effort to recover their lost assets".
Meanwhile, ASIC's civil suit against Storm founders Emmanuel and Julie Cassimatis will also return to court in September.
In a statement on the corporate regulator's website, the "summary judgment application" will be heard on 19 September.
"Essentially, the summary judgment application relates to the interpretation of section 181 of the Corporations Act 2001 and specifically the duty of directors to act in the best interests of the company," ASIC said.
"The strike-out application has been adjourned to a date to be fixed, awaiting the outcome of the summary judgment application.
"ASIC anticipates that further directions, concerning both the hearing of the Cassimatises' strike-out application and preparation towards trial, will be made sometime after the conclusion of the 19 September 2012 hearing."
Storm collapsed in early 2009 with $3 billion in investment losses.
