Updated: 20 July 2021

Appointment of liquidators

The following companies are now under liquidation:

  • Equitable Financial Solutions Pty Ltd (In Liquidation) ACN 151 172 039
  • EFSOL Westin Pty Ltd (In Liquidation) ACN 623 508 083
  • EFSOL Hilton Pty Ltd (In Liquidation) ACN 621 180 658
  • EFSOL Asset Management Pty Ltd (In Liquidation) ACN 617 880 707

Said Jahani and Philip Campbell-Wilson of Level 17, 383 Kent Street, Sydney NSW 2000 were appointed as the administrators to all the above companies on 23 October 2019.

The administrators were then appointed as liquidators on 26 November 2019.

Contact the liquidators

You may contact the liquidators directly if you have any questions about their role. If you have correspondence or information that may assist the liquidators, you should provide this to them as soon as possible.

The relevant contact is:

Ms Erica Xu

Manager - Financial Advisory

Level 17, 383 Kent Street
Sydney NSW 2000

Telephone: +61 2 8297 2511

Email: erica.xu@au.gt.com

grantthornton.com.au

What is a company liquidation

The purpose of liquidation of an insolvent company is to have an independent and suitably qualified person (known as the liquidator) take control of the company so that its affairs can be wound up in an orderly and fair way for the benefit of all creditors. The liquidator’s role is to:

  • collect, protect and realise the company’s assets
  • investigate and report to creditors about the company’s affairs
  • inquire into the failure of the company and possible offences by people involved with the company and report to ASIC
  • after payment of the costs of the liquidation, and subject to the rights of any secured creditor, distribute the proceeds of realisation

An information sheet (INFO 45) by the Australian Securities and Investments Commission provides information about the liquidation process.

Read the Voluntary Administrator’s report

You should also review the Voluntary Administrator’s report. I enclose a link to the report here: Grant Thornton - Equitable Financial Solutions Pty Ltd Voluntary Administrator's report

Equitable Financial Solutions Pty Ltd remains as an AFCA member

Equitable Financial Solutions Pty Ltd (EFSOL) is a current member of AFCA and will continue to remain a member until AFCA’s Board determines otherwise.

What this means for complaints

From April 2020, AFCA paused complaints against insolvent financial firms financial firms while awaiting detail of the scope and timing of a Compensation Scheme of Last Resort (CSLR).

On 16 July 2021 the Federal Government released the exposure draft legislation to establish the Compensation Scheme of Last Resort (CSLR).

The establishment of the Compensation Scheme of Last Resort will support ongoing confidence in the financial system’s dispute resolution framework by facilitating the payment of compensation to eligible consumers who have received a determination for compensation from the Australian Financial Complaints Authority (AFCA) which remains unpaid.

Complaints against insolvent financial firms and other complaints that were on pause while awaiting the introduction of CSLR will continue to be paused and will be assessed once the legislation has come into effect.

AFCA will only be able to fully assess the impact of the CSLR to a complaint when details of the scheme are finalised and legislated by the Government. We will review all relevant complaints as soon as that occurs.

AFCA will contact all parties to discuss the status of paused complaint after that assessment is completed.

Read more at afca.org.au/CSLR.

 

Seek legal advice

AFCA cannot provide you with any advice about the return of funds to investors or payment of any compensation that AFCA may award.

You should consider seeking legal advice about your circumstances and how the liquidation process may affect you.

AFCA’s website contains information about legal assistance: AFCA - other places to get help (legal).

We will keep you updated

AFCA will keep you up to date as we become aware of new information about EFSOL that may affect complaints.

Please check this webpage regularly.

Any questions?

If you have any questions or want more information about lodging a complaint, please

call: 1800 931 678

email: info@afca.org.au

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