Advice for creditors
Storm was placed into liquidation by order of the Federal Court on 26 March 2009, with Mr Ivor Worrall and Mr Raj Khatri of Worrells Solvency and Forensic Accountants appointed liquidators. Prior to this time, Mr Ivor Worrall and Mr Raj Khatri had been the voluntary administrators of Storm.
The Commonwealth Bank appointed Robert Hutson, Richard Buckby and David Winterbottom of KordaMentha as receivers and managers on 15 January 2009. Following this appointment, control of the business and records of Storm passed to the receivers and managers: see the notice from the voluntary administrators.
The liquidators are empowered under the Corporations Act to begin the process of recovering money for the benefit of the creditors of Storm. ASIC intends to work closely with the liquidators to ensure this happens as quickly as possible.
For more information contact Worrells Solvency and Forensic Accountants.
The following documents are made available pursuant to a direction of the Federal Court on 18 March 2009.
- the originating process filed in Court on 18 March 2009;
- the s439A Report of the Administrators, dated 16 March 2009;
- the Proposed Deed of Company Arrangement, for Storm ("the DOCA");
- the document entitled "A Simple English Explanation of the DOCA" and/or "Storm Financial Limited – The Simple Solution" ("the Memorandum");
- ASIC's letter to Mr and Mrs Cassimatis, sent via their solicitors, Russell and Company, dated 17 March 2009;
- Russell and Company's letter to ASIC, dated 17 March 2009; and
- ASIC's Public Notice to Creditors of Storm.