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).
