Storm Financial offshoot to be wound up in Federal Court
A financial planning offshoot of Storm Financial, Victorian Families Retirement and Investment Group, will appear in the Federal Court in Brisbane today.
Money Management understands the financial planning group, which was placed into liquidation last month, will be formally wound up.
A statement from Worrells Solvency and Forensic Accountants last month said Victorian Families has many clients on its books and at least $41 million in assets under management.
The financial planning group ceased providing advice to its clients in February when its directors came under pressure as a result of their involvement with Storm.
There have been concerns that clients of Victorian Families may have a basis for legal action against the group. Korda Mentha — the receivers of Storm Financial appointed by the Commonwealth Bank of Australia — declined to take control of Victorian Families for this reason.
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