The liquidators of advice firm Victorian Families Retirement and Investment Group have closed a tender process for the firm's sale and are now involved in due diligence with a number of potential buyers.
Late last week, the Federal Court in Brisbane ordered the Storm Financial subsidiary to be wound up.
The court also appointed the firm's provisional liquidators, Worrells Solvency and Forensic Accountants (Worrells) partners Ivor Worrell and Raj Khatri, as the firm's official liquidators.
"The application to formally place the company into official liquidation was inevitable given the demise of its parent company, Storm Financial Ltd, and the subsequent cessation of business by Victorian Families," a statement from Worrells said.
At this stage, Worrells has received very few claims from investors claiming to be creditors, the statement said.
Of the claims the firm has received, the amounts sought by investors has been very small.
It is anticipated that a report to creditors will be issued and a meeting of creditors will be called during June, the statement said.
Victorian Families had been operating from premises owned and controlled by Storm Financial.
The firm had many clients on its books and at least $41 million of assets under management, according to Worrells.
