A receiver is assessing All Class Insurance Brokers’ position after taking charge of its records last week.

PPB Advisory was appointed by St George Bank, a secured creditor in All Class, with liquidator RMG Partners brought in to represent unsecured creditors.

Liquidator Darren Vardy told insuranceNEWS.com.au he has handed the documents to the receiver. A spokesman for PPB says it is too early to comment.

Steadfast MD and CEO Robert Kelly says his group tried to buy All Class – a Steadfast member company – several weeks ago but the deal proved too difficult.

He says the client book is probably lost because clients have had time to move elsewhere.

A creditors’ meeting called by RMG heard All Class owes unsecured creditors, including a number of insurers, $1.94 million.

Preferred creditors, including employees and the Australian Taxation Office, are owed about $54,000.

The Australian Securities and Investments Commission last week cancelled All Class’ Australian financial services licence after the company went into liquidation.