Storm goes into liquidation
Storm Financial will be wound down after the Federal Court in Brisbane ordered the investment company be placed into liquidation.
This decision means liquidators Ivor Worrall and Raj Khatri can begin the process of recovering money on behalf of the Storm creditors.
The Australian Securities and Investments Commission (ASIC), which applied to put the group into liquidation, says it will work closely with the liquidators to ensure this happens as quickly as possible.
Storm Investors Consumer Action Group Joint Chairman Mark Weir told insuranceNEWS.com.au that now Storm is gone the group will concentrate on Macquarie Bank as well as Colonial Bank and its parent the Commonwealth Bank, which were involved in selling down portfolios and closing the Storm-badged investment trust.
Mr Weir says he imagines Storm owners Emmanuel and Julie Cassimatis will appeal against last week’s Federal Court decision, and he and other members of the action group will be seeking legal advice on the ramifications any litigation will have on investors being compensated.
“If investigations continue and Mr and Ms Cassimatis have their day in court either it will be found they have something to answer for and incur our wrath,” he said. “Otherwise they will be able to walk away and get on with their lives.”
This decision means liquidators Ivor Worrall and Raj Khatri can begin the process of recovering money on behalf of the Storm creditors.
The Australian Securities and Investments Commission (ASIC), which applied to put the group into liquidation, says it will work closely with the liquidators to ensure this happens as quickly as possible.
Storm Investors Consumer Action Group Joint Chairman Mark Weir told insuranceNEWS.com.au that now Storm is gone the group will concentrate on Macquarie Bank as well as Colonial Bank and its parent the Commonwealth Bank, which were involved in selling down portfolios and closing the Storm-badged investment trust.
Mr Weir says he imagines Storm owners Emmanuel and Julie Cassimatis will appeal against last week’s Federal Court decision, and he and other members of the action group will be seeking legal advice on the ramifications any litigation will have on investors being compensated.
“If investigations continue and Mr and Ms Cassimatis have their day in court either it will be found they have something to answer for and incur our wrath,” he said. “Otherwise they will be able to walk away and get on with their lives.”