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A former director of a liquidated MFAA member company has opened a financial services business in the same premises.
Kersley Financial Services collapsed last month, with Anne Meagher from SV Partners appointed liquidator.
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Creditors have made about $160,000 worth of claims against the Brisbane company, she told The Adviser. However, Ms Meagher said there would be no returns to creditors unless she discovered some assets during her investigation, which is continuing.
Kersley is an MFAA member, according to the association’s website.
The sole director of the company, Richard Smith, who became a director of Kersley in 2008, declined to comment on the collapse. Mr Smith now works as a financial adviser at Arabon Financial Services, according to his LinkedIn profile.
A business called Kenmore Financial now operates from the same address as the one at which Kersley was based, although Mr Smith does not have any involvement with Kenmore.
Kenmore’s managing director, Robert Bullock, was also a director of Kersley from July 2011 to June 2013.
Mr Bullock stressed there was no connection between the two companies. “[Kenmore is] an independent organisation. It has a different director and client base,” he said.
He told The Adviser that he owned the building from which both companies have operated, but that Kersley left the premises when he severed his ties with the firm.
“When I left Kersley, someone was going through a divorce and we split the company up. I took my portion and went out by myself. Since that date, I’m not aware of anything going on there,” he said.
“I’m not responsible for anything that has happened [at Kersley] since that date.”
Kenmore was registered in March 2013, according to an ASIC search.
