The administrator of troubled financial services group, Sonray Capital Markets, has received more than 20 expressions of interest in the group's assets.
In documents to Sonray creditors dated 2 July, Ferrier Hodgson administrators, George Georges and John Lindholm, said more than 25 interested groups have been in contact regarding Sonray assets.
It is not known who the unnamed groups are or when the company's assets would be sold.
Preliminary investigations into Sonray indicated that at the time of Ferrier Hodgson's appointment, funds in Sonray's general operating account were around $300,000.
Investigations also revealed funds from clients' segregated accounts had allegedly been transferred out of their accounts to the Sonray general account for working capital purposes, the documents said.
The administrators also found that for the past two years Sonray has not employed a financial controller, has not performed client bank reconciliation, and has not properly rectified a 2008 incident where unauthorised trades cost the company $5 million in losses at the time.
"In 2008, management identified an employee had allegedly entered into a number of unauthorised trades. The trades affected 40 to 60 clients whose gross value of accounts was about $10 million. Total value of losses was about $5 million," the documents said.
"There was an attempt to 'fix' the deficiency by entering into further trades through the use of 'house accounts'. While the attempt led to paper gains, the GFC [global financial crisis] proved the gains would be short-lived and losses subsequently grew."
By early 2010, administrators claim losses had grown to around $15 million.
"As the financial position became more dire, an attempt to sell the business and fund the shortfall was made," the documents said.
"Given the uncertainty of the quantum of the losses as the sale was being attempted, the sale discussions ceased and administrators were appointed."
Since their appointment on 22 June, administrators have terminated 26 employees and six contract staff.
Meanwhile, on Friday, Sonray chief executive Scott Murray gave an undertaking to the Federal Court in Melbourne that he will not leave Australia until further order without the consent of the Court following an application by ASIC.
Murray, of Albert Park, Victoria, consented to an order that he provide ASIC with an affidavit of his assets and liabilities.
Sonray director Russell Johnson, of Toorak, Victoria, has handed his passport to ASIC and given an undertaking that he will provide ASIC with not less than 14 days notice of any intention to travel outside Australia.
