IRESS Market Technology (IRESS) has revealed a $600,000 exposure to failed financial advisory and stockbroking firm, MINC Financial Services.
In a statement to the Australian Securities Exchange (ASE), IRESS said it had been working with MINC in the last few months to reduce its debtor position and at the time of the administrator's appointment were owed around $600,000.
"We understand the administrator has now completed the sale of MINC's primary assets and has reached a view that the distribution to unsecured creditors, if any, is expected to be negligible," the statement said.
IRESS said MINC's debtor position falls within the company's current bad debt provision, (on) which an appropriate adjustment will be made.
"While it is still a little early to ascertain to where revenue has relocated, we estimate the net unfavourable impact to be well within normal monthly variations," the statement said.
On 19 April, MDS Financial Group announced it had acquired certain assets of MINC.
"The agreement provides for the acquisition of the online trading business of MINC in its entirety including its current national client list, the private client business and advisors in Townsville, Bunbury, Gold Coast and Melbourne," MDS Financial Group said.
"The acquisition does not include MINC's debts, liabilities and infrastructure."
MINC entered administration earlier this year.
