Following news of the insolvency, a meeting of creditors has been called for later in July, with a number of resolutions to be discussed.
According to the Murray River Financial Services website, Colin Smith was director of the practice and specialised in retirement planning, financial planning, superannuation and wealth management.
Mr Smith’s LinkedIn profile says he has held this position since 1999.
Headed by liquidator Glenn Spooner from Cor Cordis Chartered Accountants, the meeting will seek to appoint a committee of inspection, consider removing liquidators from the office and appointing another liquidator, and to fix or determine the remuneration of the liquidators.
Cor Cordis senior accountant Andrew Clowes told ifa that the insolvency proceedings were at a very early stage.
“We are limited in our knowledge about the reasons for the insolvency and the liquidator would prefer that only creditors attend the meeting,” he said.
At this stage, five creditors have been identified, one of them being the Australian Taxation Office.
If they sell the clients back to AMP with the BOLR (4 x ?) will they still have a liquidity issue? That would be an impressive achievement if they did.
Death and Taxes, the two constant things in life.
I trust that the ATO get there money.
Kind regards,
Adrian Totolos.
Business Analyst.