|Appointment date||27 November 2018|
|Appointees||Morgan Kelly, Phil Quinlan|
|Company subject to Administration||Halifax New Zealand Limited (in Liquidation) (the Company)
(New Zealand Company Number 2130897)
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Disclaimer: Please note, the information in the documents below are for general information only, current at the time of publication, and should not be considered as a comprehensive statement on any matter, taken as constituting professional advice or be construed as a recommendation to take or not to take any action. While KPMG and the Liquidators of Halifax Investment Services Pty Limited (In Liquidation) and Halifax New Zealand Limited (In Liquidation) have taken all reasonable care to ensure that the information contained within the pages of this communication is accurate and current as at the date of issue, errors or omissions may occur due to circumstances outside our control. You should consider seeking independent legal, financial, taxation or other advice to check how the information in these communications relates to your unique circumstances.
Halifax NZ (the Company) carried on a financial services business in New Zealand under an Financial Markets Authority derivatives issuer licence and offered broking and investment services across various online trading platforms.
Appointment of Voluntary Administrators and subsequently Liquidators
Morgan Kelly, Stewart McCallum and Phil Quinlan were appointed Administrators of the Company on 27 November 2018 pursuant to section 239I of the Companies Act 1993 (the Companies Act).
At the watershed meeting held on 22 March 2019, creditors resolved that the Company be wound up pursuant to Section 239ABA of the Companies Act and that the Administrators be appointed as Liquidators of the Company. On 9 May 2019, Stewart McCallum retired as liquidator.
The joint hearing of the Federal Court of Australia and the High Court of New Zealand in respect of the distribution of Client Monies held by Halifax AU and Halifax NZ commenced on 30 November 2020 and finished on Wednesday, 9 December 2020.
The Liquidators are very satisfied with the progress of the hearing. All issues raised by the various parties were consistent with our understanding of the arguments propounded. For this reason, there were no unexpected issues that arose or matters raised by the various parties which had not already been considered by the Liquidators.
As expected, their Honours Justice Venning and Justice Markovic have reserved judgment on the matter. We are unable to provide a timeframe as to when the judgment will be handed down, however given the volume of material before the Courts and evidence filed in this matter, this process is it is likely to take some months. Due to the time required to review Investor claims and distribute all available assets, we estimate that following receipt of Court directions, it will take at least 6 months to make a distribution. The way in which investor claims will be reviewed will be by reference to the direction and Orders provided by the Courts.
Copies of all correspondence issued to Investors is available at the links below.
As previously advised in our update dated 11 August 2021, the appeal hearing in relation to the date at which proportionate entitlements of investors should be calculated is scheduled to be held by way of a joint hearing between the Courts in Australia and New Zealand on 23 September 2021. The hearing will commence at 9:15 AEST.
The hearing will be livestreamed and Investors will be able to view the hearing online.
Information and circulars for creditors in Simplified Chinese.
Court directions proceedings and documentation relating to this matter.
Orders made by the High Court of New Zealand relating to Halifax New Zealand Ltd (in Liquidation).
Documents filed with the High Court of New Zealand including various applications and affidavit evidence.
Answers to creditors' frequently asked questions (FAQs).
Coping with the emotional impact of financial distress.