Freedom Insurance Group will hold an extraordinary general meeting (EGM) in Sydney on Friday where shareholders will vote on whether to liquidate the business.

Freedom says “shareholder approval will be sought for the company to enter into a members’ voluntary solvent liquidation”.

The life insurer has been in huge trouble since it copped heavy flak during the Hayne royal commission’s hearings in 2018 over its heavy-handed sales tactics.

Almost all its operations have subsequently been wound down, with the business running a $33.4 million loss in the first half of last year.

Last month shareholders of Freedom’s subsidiaries, including Spectrum Wealth Advisers and Freedom Insurance, resolved to enter members’ voluntary solvent liquidation and appointed Joseph Hayes and Andrew McCabe of Wexted Advisors as liquidators.