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Friday 13 March 2009

AD09-43 ASIC Storm Financial update

ASIC decided yesterday not to make an application at this stage to wind up Storm Financial Limited (Storm).

Under the Corporations Act, the joint administrators, Ivor Worrell and Raj Khatri, must provide a report to creditors on Monday March 16 about Storm’s financial circumstances, together with an opinion about whether or not the Deed of Company Arrangement (DOCA) or liquidation would be in the best interests of creditors.

ASIC will not be making any further comment about the matter until it receives a copy of the administrator’s report to creditors.

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Last updated: 13/03/2009 12:00