The companies watchdog is talking to those involved in the Storm Financial collapse to see if a commercial resolution can be reached.
The Australian Securities and Investments Commission said in a statement on Friday that it had completed a major phase of its investigation into Storm Financial and now was entering another.
That would involve confidential discussions with the individuals and entities which were the subject of ASIC's investigation to see whether a commercial resolution could be reached.
ASIC said a commercial resolution would be preferable to protracted litigation.
ASIC would consider launching compensation actions if a commercial resolution wasn't possible.
The commission will meet with representatives of Storm investors and Slater & Gordon, which is representing many investors, and as far as possible, keep them informed.
ASIC said investors needed to decide for themselves whether to accept offers from the Commonwealth Bank of Australia in its Storm Resolution Scheme. The Commission said investors should seek legal advice in relation to CBA's offer.
CBA, in a separate statement, agreed that a commercial resolution was preferable to protracted litigation.
"The bank has said repeatedly that it would put things right where it had done wrong and it believes its Storm Resolution Scheme is at the forefront of assisting customers affected by the collapse of Storm Financial," the bank said.
AAP
