The sole director of Wright Global Investments (WGI) has placed the dealer group in voluntary administration.
WGI director Graham Kinder appointed Ngan and Co as administrators late last week.
"The best possible way for the company to secure its assets was through the resources of voluntary administration rather than pursue the matter myself. So I appointed an administrator late last week," Kinder said.
Commission payments to WGI advisers are up to date, with the administrators responsible for payment of the next commission run, he said.
Kinder said at the time of the administrator's appointment, WGI had traded solvently as a company. However, concerns surrounding missing assets proved too costly for the company to recover and he said it would more than likely become insolvent.
"I don't have enough resources to pursue the assets of the company," he said.
Kinder would not be drawn on the amount of assets thought to be missing.
He took on the role as WGI director in June, resigning from a directorship with Industry Super Funds.
"To ensure there would be no conflict, as that does seek to provide a master fund product through advisers and as WGI is an adviser-based company, I resigned as director of Industry Super some weeks ago," Kinder said.
Earlier this month, he surrendered the company's Australian financial services licence and cut loose all of its financial adviser network and management team.
