The Australian Securities and Investments Commission has permanently banned Sydney broker Leroy Bowmaker from providing financial services.

Mr Bowmaker was the sole owner and MD of All Class Insurance Brokers, which ceased trading on April 26 and was placed in the hands of liquidators the following day.

A creditors’ meeting in May was told All Class owed unsecured creditors, including a number of insurers, $1.94 million.

Preferred creditors, including employees and the Australian Taxation Office, were owed about $54,000.