CBA sinks Storm Financial
Storm Financial has fallen into voluntary administration after Commonwealth Bank called in a $10 million loan.According to media reports, the Queensland-based financial planning firm said it had little choice but to appoint administrators, after CBA on Friday gave it one day to refinance the loan.However, CBA said it issued notices on December 31 for the repayment of its corporate debt, after Storm had failed to meet its obligations."Storm's obligations have been known to the company for some time and the serving of notices would not have been a surprise to them," a spokesman for CBA told The Australian newspaper.Storm, which has 13,000 clients around Australia, ran into trouble when hundreds of investors were left owing millions of dollars to margin lenders as the stock market dived, prompting an investigation by the Australian Securities and Investment Commission.Storm appointed Worrells Solvency & Forensic Accountants partners Raj Khatri and Ivor Worrell as voluntary administrators.Business Spectator