Perth-based planning company ‘abandoned’
A Perth-based financial planning and accountancy firm, Trafalgar Financial, has been named by the Australian Securities and Investments Commission (ASIC) as being among 10 companies wound up by the regulator.
In an announcement released on Monday, ASIC said it had exercised its wind up powers to appoint liquidators to 10 abandoned companies to assist employees of the companies to gain access to the Fair Entitlements Guarantee (FEG).
It said the appointment of liquidators would also facilitate a full and proper investigation into the reasons why the companies failed and allow recovery of any voidable or unreasonable director-related transactions.
The ASIC announcement said the 10 abandoned companies owed at least 26 employees a total in excess of $350,000 in employee entitlements.
The ASIC announcement named, Trafalgar Financial (Victoria Park) Pty Ltd, Trafalgar Financial (Cannington) Pty Ltd, Trafalgar Financial (Subiaco) and Trafalgar Financial (Midvale).
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
