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Freedom shareholders vote to liquidate business

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The majority of shareholders of Freedom Insurance have voted to liquidate the business.

Joseph Hayes and Andrew McCabe of Wexted Advisors have been appointed to oversee the process.

About 92.6% of the votes cast in last week’s extraordinary general meeting supported the motion to place the company in solvent voluntary members liquidation, and nearly 83% of proxy votes backed the measure.

Shareholders also backed three other resolutions related to assets distribution, liquidators’ remuneration and handling of the company’s books and records.

Freedom has been in trouble after it was exposed during the Hayne royal commission hearings in 2018 to have engaged in deceptive sales tactics. Almost all its operations have subsequently been wound down.