Liquidators of financial advisory group Storm Financial (Storm) intend to push for a thorough public examination into the companies associated with the fall of the advice firm.
A comprehensive public examination of all relevant parties associated with Storm needs to be carried out as soon as possible, according to Storm's Federal Court-appointed liquidators, Ivor Worrell and Raj Khatri of Worrells Solvency and Forensic Accountants.
"The liquidation process has only now commenced, and therefore it would be premature and inappropriate for us to comment on the possible outcomes of our investigations at this time," Worrell said.
In their role as liquidator, the firm will continue to work in the best interests of creditors, he said.
"We recognise the responsibility the court has placed on us and we will discharge our duties of winding up Storm Financial appropriately under the Corporations Act," Worrell said.
The liquidators will not be making further comments until a full report has been submitted to creditors.
The Federal Court in Brisbane placed Storm into liquidation late last week.
The court approved the corporate regulator's application and accepted ASIC's decision to have the company immediately wound up, rather than allowing the administration to continue.
On 19 March, ASIC applied to the Federal Court to put Storm into liquidation, claiming it was in the best interests of creditors and retail investors.
ASIC's decision to move on liquidation orders came after the corporate regulator found Storm's deed of company arrangement (DOCA) placed on the Cassimatis' personal website did not provide a fair and balanced summary of the terms of the DOCA.
