Morgan Kelly and Peter Walker were appointed as Voluntary Administrators of the Company on 21 August 2009 pursuant to section 436A of the Corporations Act 2001.

At the second meeting of creditors held on Friday 25 September 2009 a resolution was passed that the Company enter into Liquidation and Morgan Kelly and Peter Walker be appointed Liquidators.

The Liquidators are continuing negotiations with a number of purchasers in relation to the sales of individual adviser books.

Employees will be provided a schedule of their employee entitlements and may be eligible to claim these amounts through GEERS.

The Liquidator will now conduct investigations into the affairs of the Company pursuant to section 533 of the Corporations Act and submit a report to ASIC detailing any findings. A Report to Creditors will also be issued detailing results of the investigation that can be disclosed. The Liquidator will also seek recovery of outstanding debts and will assess potential legal actions

At this stage there appears that there will be a shortfall to the secured creditor and accordingly there will be no distribution to unsecured creditors available (subject to any legal recoveries).