Sonray collapse worth $65 million

The administrators of Sonray Capital Markets say preliminary investigations into the
broker's collapse indicate it had control of funds worth about $65 million.
Sonray appointed Ferrier Hodgson's George Georges and John Lindholm as voluntary
administrators late on Tuesday.
Melbourne-based Sonray was established in 2003, using external third-party providers
to conduct brokerage services for retail and institutional customers.
Initial work indicated there were more than 3,085 clients worth about $65 million on
Sonray's books, Mr Georges said.
Investigations were continuing into the business and its circumstances, and all
accounts were frozen to ensure there was no ongoing risk for Sonray, he said.
"There has been a great deal of interest in the Sonray assets, particularly the
well-developed wholesale trading platform, which had been due to go live in August,
and the client database," Mr Georges said in a statement on Thursday.
"We are speaking to a number of parties about the potential purchase of those assets."
The causes of the collapse may take some time to unravel, he said.
The first meeting of creditors will be held on July 2 in Melbourne, with live
link-ups to venues in Sydney and Brisbane.
Sonray employed about 70 people in offices in Melbourne and on the Gold Coast.