Storm enters voluntary administration
Tuesday, 13 January 2009 12:20pm
Storm Financial has appointed Worrells Solvency & Forensic Accountants as the firm's administrators.
Emmanuel Cassimatis, Storm Financial managing director, said the financial planning firm had no choice to enter voluntary administration after Storm Financial failed to pay the full amount of its corporate debt facility to the Commonwealth Bank of Australia.
"Our personal losses are of little consequence to us at this stage: it is the interests of our clients that are at the front of our minds and given the insolvency issues created by Commonwealth Bank of Australia's extremely aggressive demand, the company was forced to this action," he said.
"We were steering the business through these tough economic times but the bank's demand put that beyond us."
Cassimatis said he hoped the administrators would be able to find an equitable outcome for all stakeholders.
It is understood Worrells Solvency & Forensic Accountants Brisbane based managing director, Raj Khatri is in charge of the voluntary administration of Storm Financial.
Financial Standard could not obtain comment from Worrells Solvency & Forensic Accountants before publication.
The Financial Planning Association (FPA) set up a financial planner referral service to Storm Financial clients who had received margin calls and want to improve their financial position last month.
Michael Hobbs
