A Gold Coast financial planning firm with clients across the country has been placed in voluntary administration, owing more than $10m to creditors, including $2.9m to the tax office.
Fortified Financial Planning Pty Ltd was initially the target of a winding up application by the Deputy Commissioner of Taxation on August 21.
Subsequently, the firm, which provides financial planning and management investment services, was placed in voluntary administration on September 8.
In his report to creditors filed with the Australian Securities and Investments Commission, administrator Nick Combis said he had continued to trade the company during his administration to preserve its operations and assess its value, ensuring the retention of its 29 full-time employees.
Mr Combis estimated the firm’s client base, from which it derives monthly trailing commissions, as being valued at “not less than approximately $3m”.
The company otherwise has minimal assets outside of $48,000 cash at bank.
Fortified Financial Planning reported net profits of $427,716 at June 30, 2023 and $115,064 at June 30, 2024, before recording a loss of $528,105 at June 30, 2025 and a further loss of $190,578 to the date of appointment.
Mr Combis also noted the…