The first AFS Group creditors’ meeting will be held on May 6, its administrator says.

The dealer group went into administration last week, along with three associate companies: Australian Financial Services, MDA Private, and Strategy Portfolio.

Advisers looking to switch dealer groups have seen their transfers stopped by the administrator BDO. “This process was unable to be finalised due to the withdrawal of existing financial accommodation,” the accountants said.

A number of advisers are joining former AFS CEO Peter Daly at Brisbane-based Financial Link Group.

A decision to change the culture of AFS led to a number of practices leaving, Mr Daly told insuranceNEWS.com.au. This “in turn led to the collapse in the income AFS was receiving, which in turn led to where we are today”.

BDO has also frozen all payments to unsecured creditors.

“We have commenced an assessment of the financial position of the group to assess its future viability,” it said.

“We will continue to work with management and major stakeholders and regulators during the voluntary administration process.”

AFS Group’s financial services licence remains operational today, according to the Australian Securities and Investments Commission website.