A regional AMP-aligned firm, formerly known as Murray River Financial Services, has gone into liquidation, according to an ASIC insolvency notice.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Jun 2018IFA sector digs deep for DoverBy Aleks Vickovich
- 15 Jun 2018‘Information asymmetry’ a difficulty for advisersBy Killian Plastow and Tasnuva Bindi
- 15 Jun 2018ASIC takes Westpac to court over poor adviceBy Reporter
- 15 Jun 2018AFCA names new chief executiveBy Reporter
- 15 Jun 2018Restrictions to be placed on pension loan adviceBy Reporter
- 14 Jun 2018Adviser misconduct penalties likely to increase: Moody’sBy Reporter
- view all