Announcer Financial Planning head buys out partner
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Announcer Financial Planning director Andrew Rocks has bought out his partner, Lindsay Yelland, to become the sole proprietor of the 20-planner Sydney-based advice firm.
Yelland, a long-term partner of Rocks, yesterday accepted the terms of a deed of company arrangement, which required Yelland to assign his secure creditor charge over to Rocks.
Rocks told Money Management the agreement returned control immediately to Rocks, and that he was now the sole secured creditor.
He added that the Australian Financial Service Licence had not been affected by the agreement and that all staff would be retained.
Structuring the agreement had required Announcer to be placed in administration in August to enable the administrator to act as an independent third party to oversee the separation of the former business partners and allow the company to "start with a clean slate", Rocks said.
He said at the time he expected a restructure could be completed and the business handed back to Rocks in the first week of September.
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