ASIC appoints liquidator to Benchmark Private Wealth
The Australian Securities and Investments Commission (ASIC) is appointing Michael McCann as a provisional liquidator to five companies within the Benchmark Private Wealth Group after successfully obtaining orders from the Supreme Court of Queensland.
McCann of Grant Thornton would oversee Benchmark Private Wealth Pty Ltd, Benchmark Wealth Property Services Pty Ltd, Benchmark Private Wealth Holdings Pty Ltd, OSK Developments Pty Ltd, and Young Corporation (NSW) Pty Ltd under ASIC’s order.
The regulator said the orders had been granted on an ex parte basis and were part of an ongoing investigation into the practices of the Gold Coast-based group.
“ASIC sought the orders due to solvency concerns about the companies and about their management by the director, Liam Young,” said a release from the regulator.
“ASIC is also concerned about transactions entered into with a number of other companies which were a part of the Members Alliance Group and the director of those other companies, Richard Marlborough.”
The orders were made on 3 November and no future court date has been set.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
