Storm Financial is set to be placed in liquidation next week after failing to repay creditors, it has been reported.
According to the Australian Associated Press, the group owes about AUD$80 million after being placed in administration about two months ago.
When in administration, business executives from Storm could have taken the opportunity to sell assets and raise finance through a secure virtual data room, which allows for the inspection and transfer of accounts in an online environment.
Ron Jelich, one of the firm's biggest creditors, told the news agency after reading a report from insolvency specialist Worrells: "You've got to take heed of what the experts say.
"I've forwarded the Worrells recommendations to my lawyer but it's pretty clear that the creditors and clients have got one hell of a battle in front of them."
Mr Jelich had previously run a financial planning firm near Brisbane until opting to sell up to Storm in 2007.
Elsewhere in Australia, a firm which sold the controversial 2Clix accounting software has been dissolved by liquidators after failing to appear in court.
