Wollongong financial planning business Tarrants Financial Consultants has been formally placed into liquidation with debts of about $870,000.
Australian Securities and Investments Commission documents confirm a liquidator was appointed to the company at a meeting of directors on Friday, while ASIC records were updated on Monday.
Liquidator Jamieson Andre Louttit, of Sydney insolvency firm Jamieson Louttit and Associates, was unavailable to comment yesterday.
Tarrants revealed late last month that it would be winding up the financial planning arm of its business, which trades as Tarrants Wealth Management.
A Tarrants spokesman confirmed the move yesterday but declined to comment further.
Tarrants and another Wollongong financial advisor, Colin Warne, encouraged clients to invest in now collapsed fund manager Trio Capital, predominantly through its $123 million flagship investment Astarra Strategic Fund.
Trio and its parent company Astarra Funds Management are being wound up, while 10 months of investigations have been unable to trace the money it invested in a web of hedge funds in foreign tax havens.
Last month's decision to wind up Tarrants' financial planning business came a week after revelations that Tarrants received $840,000 in secret payments from Trio Capital. Tarrants managing director Ross Tarrant described the payments as a "marketing allowance" to help his firm through the global financial crisis.
A letter sent to creditors on Monday, and obtained by the Mercury, indicates that Tarrants Financial Consultants has liabilities of $870,483. The liabilities do not include money that investors fear they have lost through Astarra.
The largest amount is owed to the Australian Taxation Office, which was owed $394,890 as of July 23.
The debt includes money owed for PAYG tax instalments, payroll tax and superannuation.
The company has GST liabilities of more than $130,000 and owes trade creditors $632,520.
Creditors include the Association of Independently Owned Financial Planners, the Financial Planning Association, CGU Workers Compensation, the National Australia Bank, the NSW Department of Fair Trading, insurance broker Marsh, and publishing group Reed Business Information.
A number of solicitors' firms are owed money, including Solomon Brothers in Western Australia, Henry David York in Sydney, and Christopher Nicholls and Associates.
Compliance specialists Gold Seal are owed nearly $40,000, while other Tarrants companies are owed more than $257,000.
The report indicates that 10 of the company's 14 listed staff are owed $127,776 in unpaid wages, with the amount owed to individual employees ranging from $1391 to $34,086.
Meanwhile, the company balance sheet shows just $44,000 in assets.
The letter details seven resolutions that will be voted on at a creditors' meeting in Sydney on Tuesday, including a resolution allowing the company's books and records be destroyed six months after the deregistration of the company, subject to ASIC approval.
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