Collapsed Perth authorised representative network Winley Insurance Group has no assets left to pay creditors, according to a liquidator’s report.

As revealed exclusively by insuranceNEWS.com.au last May, Winley’s broker trust fund was emptied by Steve and Chandanie Godwin, partners in the business who have since left the country.

This led to the collapse of the company, with the WA Supreme Court last month ordering the company be wound up.

The initial report on the company’s affairs from the liquidator, Neil Cribb of RSM Australia Partners, has been seen by insuranceNEWS.com.au. It makes very short reading.

All Winley’s assets – including interests in land, cash and equipment – are listed as “zero”.

A list of debtors simply states “too many to know”, adding that between 40 and 60 creditors are owed money. The financial report is verified by former Winley MD Jeff Bailey.

While insurers are known to be owed millions of dollars from the trust fund, informed industry sources say efforts to reclaim the cash are likely to be limited, meaning the Godwins will probably never be brought to justice.

“There is a feeling that the cost of pursuing it would probably outweigh anything we would get back,” one affected party told insuranceNEWS.com.au.