Announcer Group has gone into voluntary administration because of outstanding money owed to a partner, according to Announcer Group co-founder Andrew Rocks.
Rocks told InvestorDaily that there is still money owed to a partner who Rocks is buying out.
"We do not owe banks any money and we have not defaulted on anything," Rocks said.
"We've never had a client complaint and I believe that some of the negative press regarding our current situation [including comparisons to Storm Financial] has actually come from a disgruntled employee who was recently retrenched and who has links to a mainstream finance editor.
"We're FPA Value of Advice award winners, we're currently finalists for an innovation award and we remain a good quality business."
A statement provided by the insolvency specialist appointed to the New South Wales-based Announcer Group, Jirsch Sutherland, said the company is continuing to trade under its control and all staff of the company as at 14 July 2009 have been retained.
"This will allow either for the business to be sold as a going concern or alternatively the same may be restructured through a deed of company arrangement or creditors trust proposal," it said.
A Jirsch Sutherland spokesperson said as it was still early days they would not provide further comment.
