Former Financial Wealth director Maurice Terreiro is understood to have been forced to file for bankruptcy last month.
Terreiro filed for bankruptcy on 12 March, according to an extract from the Insolvency and Trustee Service Australia's national personal insolvency index.
It is believed a secondary company run by Terreiro is behind the bankruptcy claims.
Liquidators Pino Fiorentino and William James Hamilton of Hamiltons Chartered Accountants were appointed to Terreiro International Holdings, a company run by Terreiro, in February.
At a meeting with liquidators in February, Financial Wealth and a number of its employees were listed as creditors of Terreiro International Holdings.
At present a total of 12 creditors, a mix of individuals and companies, are seeking more than $270,000 from Terreiro International Holdings.
Of the creditors around five are employees, including Terreiro.
Employees are claiming funds for unpaid entitlements ranging from $2075.33 to $73,196.10. Financial Wealth was seeking $4000, while Financial Wealth marketing manager Zoe Viellaris was personally seeking $8028.75, according to the creditors' report.
It is understood the creditor seeking $73,196.10 is Solutions Wealth Strategies, the financial services licensee of Financial Wealth.
Among other creditors were a legal firm that was claiming $10,000 for legal services and a consulting firm that was seeking $28,050, the report said.
Terreiro was listed as a creditor seeking the sum of $270,672.87, as well as a Manuel Terreiro who was seeking $2669.37, it said.
News of Terreiro's financial trouble comes just two months after he resigned from his post as director of Financial Wealth.
