ASIC appoints liquidator to Benchmark Private Wealth
The Australian Securities and Investments Commission (ASIC) is appointing Michael McCann as a provisional liquidator to five companies within the Benchmark Private Wealth Group after successfully obtaining orders from the Supreme Court of Queensland.
McCann of Grant Thornton would oversee Benchmark Private Wealth Pty Ltd, Benchmark Wealth Property Services Pty Ltd, Benchmark Private Wealth Holdings Pty Ltd, OSK Developments Pty Ltd, and Young Corporation (NSW) Pty Ltd under ASIC’s order.
The regulator said the orders had been granted on an ex parte basis and were part of an ongoing investigation into the practices of the Gold Coast-based group.
“ASIC sought the orders due to solvency concerns about the companies and about their management by the director, Liam Young,” said a release from the regulator.
“ASIC is also concerned about transactions entered into with a number of other companies which were a part of the Members Alliance Group and the director of those other companies, Richard Marlborough.”
The orders were made on 3 November and no future court date has been set.
AUTHOR
Hope William-Smith
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
