Liquidator appointed to financial planning firm Lotustar Financial Pty Ltd
The liquidator of a collapsed southeast Queensland financial planning firm has questions for the company’s founder and former director, after a new and nearly identically-named entity was registered less than two weeks before a new sole director with no prior involvement with the entity was installed.
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The liquidator of a Southport financial planning firm is having a close look at the actions of the company’s founder and former director.
Michael Caspaney was appointed on August 26 to wind up Lotustar Financial Pty Ltd by sole director Paul Logan.
Records show Logan, a UK native based in NSW, was only appointed to that job on June 2 this year and had no prior involvement with the entity.
He replaced the lone director and owner, Garry Bradburn, who had launched the company in early 2017.
Seems pretty straight forward.
But Caspaney’s interest was piqued by the fact that Bradburn registered a new and nearly identically-named entity called Lotustar Financial Planning Pty Ltd less than two weeks earlier on May 21 this year.
The new company is operating out of the same office in the Southport Central tower as the now-defunct business!
“Having very similar names raises a lot of questions and we’ll be asking those questions,’’ Caspaney told us.
“I need to explore what happened. At this point, we’re still obtaining information from the director (Logan).’’
Bradburn did not return calls seeking comment on Friday and Logan could not be contacted.
