ASIC awaits report on Storm
A report to creditors later today could decide whether or not collapsed financial advice group Storm Financial is put into liquidation.
ASIC says it will hold off on making an application to wind up Storm until it considers the report.
“Under the Corporations Act, the joint administrators must provide a report to creditors on Monday March 16, about Storm’s financial circumstances, together with an opinion about whether or not the deed of company arrangement or liquidation would be in the best interests of creditors,” ASIC announced in a statement.
“ASIC will not be making any further comment about the matter until it receives a copy of the administrator’s report to creditors.”
Adoption of the deed of company arrangement would effectively put Storm back into the hands of its founders, Emmanuel and Julie Cassimatis.
ASIC says it will hold off on making an application to wind up Storm until it considers the report.
“Under the Corporations Act, the joint administrators must provide a report to creditors on Monday March 16, about Storm’s financial circumstances, together with an opinion about whether or not the deed of company arrangement or liquidation would be in the best interests of creditors,” ASIC announced in a statement.
“ASIC will not be making any further comment about the matter until it receives a copy of the administrator’s report to creditors.”
Adoption of the deed of company arrangement would effectively put Storm back into the hands of its founders, Emmanuel and Julie Cassimatis.