Refund Real Estate and Refund Financial Planning have been placed in the hands of administrators two weeks after parent business Refund Home Loans collapsed.
ASIC documents reveal that the two businesses were placed into voluntary administration on October 28.
Refund Real Estate is the newest company that formed the Refund group, having been launched in September 2010.
The venture was officially launched by deputy opposition leader Julie Bishop in July this year.
Refund Financial Planning commenced operations in February 2010 in an alliance with financial advice business Professional Investment Services.
It is understood that both general managers of these businesses have moved on.
Refund Home Loans entered into voluntary administration on October 14 due to $2.5 million in debt.
Refund Home Loans was started by Wayne Ormond in 2004.
This article first appeared on Property Observer.
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