ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based company, Flowers Financial Management Pty Limited (Flowers Financial Management).
Flowers Financial Management sold its financial services business in November 2011. On 15 January 2013 Hall Chadwick were appointed liquidators of the company.
Section 915B(3)(b) of the Corporations Act 2001 allows ASIC to suspend or cancel an AFS licence held by a body corporate if the body, among other things, becomes an externally-administered body corporate.