Storm Financial says it has called in administrators after receiving a notice from Commonwealth Bank of Australia Ltd (CBA) that gave the financial planning firm one day to repay its debt.

CBA, Australia’s biggest lender, said it sent the notice just over a week before it was due, and Storm knew its obligations well before then.

Storm appointed Worrells Solvency & Forensic Accountants of Brisbane as administrator on January 9.

Storm’s joint managing director Emmanual Cassimatis said his company received a demand from CBA on January 8 for full repayment of corporate debt facilities before January 9, a notice period of one day.

“Given the insolvency issues created by CBA’s extremely aggressive demand, the company was forced to this action,” Mr Cassimatis said in a statement.

“We will now be working with the administrators to formulate a proposal to assist clients in the future.”

CBA spokesman Steve Batten said the bank issued a notice to Storm on December 31 for the rapayment of its corporate debt, after the financial planner failed to meet its obligations.

“Storm’s obligations have been known to the company for some time and the serving of notices would not have been a surprise to them,” Mr Batten said.

Mr Batten said CBA would not enter into a public slanging match with Storm and the bank remained committed to working with the administrator.

AAP