Adviser-owned AFS Group appointed administrators yesterday to help the Group transfer advisers to alternate licensees.
According to Administrator’s BDO, the Group “has actively been working with advisers with respect to a transfer to alternate licensees, however this process was unable to be finalised due to the withdrawal of existing financial accommodation.”
Rachel Burdett-Baker and Luke Targett from BDO have been appointed to halt the payment of unsecured creditors’ accounts in relation to trading and other debts gained up to the date of their appointment.
BDO has started assessing the financial position of AFS – working with management, major stakeholders and regulators during the voluntary administration process.
In October last year, AFS Group CEO Alan Logan highlighted challenges ahead for the Group, bringing in specialist consultants from Seaview Consulting and restructuring internally.
Reports across the media have stated that advisers are moving to larger institutions such as ANZ and BT Financial.
If you or anyone you know has been affected by the group going into administration, drop a line to WP and share your story.