Listed financial services firm DKN Financial Group (DKN) has all but absolved itself of liability for its involvement with failed property group Westpoint, after creditors approved its $3 million payout.
In a statement released to the Australian Securities Exchange on Friday, DKN announced that a meeting with the company's defunct dealer group, Deakin Financial Services (DFS) and administrators had approved terms for a deed of company arrangement.
"From a DKN perspective, the effect of that approval is that DKN, its related entities and their respective past and present directors and officers are fully released from any liability to DFS," the statement said.
"DKN will proceed to pay its $3 million contribution to the DFS Administrators as contemplated."
DKN chief executive Phil Butterworth said the group will hand over the $3 million in December.
"We hand over that money on the December 15 to the administration who goes about ensuring the creditors receive their share," Butterworth said.
DKN shut down its dealer group last November after it was discovered that Deakin planners channelled $23 million of client funds into Westpoint.
