Sydney-based All Class Insurance Brokers has had a receiver and a liquidator appointed.

St George Bank has appointed PPB Advisory as receiver and RMG Partners has been appointed liquidator.

The company is believed to have a deficiency of around $1.9 million.

The company, owned by MD Leroy Bowmaker, is a Steadfast member and operates from western Sydney.

insuranceNEWS.com.au understands that a number of insurers are creditors of the company and the matter has been brought to the attention of the Australian Securities and Investments Commission (ASIC).

All clients are covered, since an insurer is on risk once the client has paid the broker.