The public examination into the cause of Storm Financial's collapse has cost more than $100,000 so far.
Worrells Solvency & Forensic Accountants (Worrells), the liquidators of the collapsed financial advisory firm, is in the process of conducting a public examination in to Storm's failure, and intends to report its findings back to ASIC.
The public examination, which began last month, has so far cost more than $100,000, according to Worrells accounts and statements filed to ASIC on 23 October, 2009.
The corporate regulator has paid out $55,988.14 for the public examination under the indemnity funding within its Assetless Administration Fund.
Other costs involved in the public examination include close to $50,000 in Worrells remuneration fees, and more than $8,000 in other legal costs.
More than 500 creditors of Storm Financial (Storm) are seeking over $82 million in unpaid funds.
Worrells has 564 creditors on its books, one secured creditor seeking $10 million and 563 seeking more than $72 million, documents said.
In July this year, Worrells secured funding from ASIC to enable the liquidators to hold a public examination into the examinable affairs of Storm.
