Radar Results in liquidation
Financial planning broker firm Radar Results has been placed in liquidation as a result of an internal restructure.
John Birt, who established and ran the business, told Money Management Radar Results' clients have been sold to a unit trust set up by Birt and his wife, with the units to be distributed to their associates in Australia.
"We've had that in mind now for 12 months," Birt said. "The unit trust acquired all the clients and purchased the business; that was one of the main reasons — the easy distribution of the trust units to our associates so they can take ownership of the business."
Radar Results provided valuation and broking services to financial planning practices and was one of the major players in the space.
The Australian Securities and Investments Commission (ASIC) issued a notice stating Steven Kugel and Anthony Warner have been appointed as liquidators, with company creditors to meet on 16 April.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
