First report on troubled Vestar

Liquidators have produced the first report for the remains of troubled financial advisory group Vestar but have yet to determine the full state of the company's books.

The remains of the business, which were left over after Gould Wealth Management acquired a large number of its clients and funds under management, were renamed FP North on July 22 and put into liquidation on August 19.

Corporate Finance's John Cregten and Andrew McKay have been appointed liquidators.

In their first report released yesterday McKay said they hoped to determine the state of the company's affairs in the next two months but were not planning to call a creditors meeting.