Halifax New Zealand just went into administration also.
Word is that Halifax Australia was prop trading using clients funds or clients funds to get extra leverage to prop trade.
Halifax Australia owns 51% of Halifax New Zealand.
I've taken a hit here. Not as bad as some. Was speaking with some Investors earlier and they have lost millions of personal money. Am pleased I use 4 different brokers.
27 November 2018
Circular to Investors
Dear Sir/ Madam
Halifax New Zealand Limited (In Administration) (New Zealand Company Number 2130897)
NZBN 9429032748079 (the Company)
Phil Quinlan, Stewart McCallum and I were appointed Administrators of the Company on 27 November 2018 at 1pm
pursuant to the Companies Act 1993 (the Act).
The appointment follows the appointment of Messrs Kelly, McCallum and Quinlan as Voluntary Administrators on
23 November 2018 to Halifax New Zealand’s counter-party Halifax Investment Services Pty Ltd in Australia.
Voluntary Administration is a statutory regime involving the appointment of an independent party to secure and
investigate the Company’s financial position and report to creditors.
The effect of the appointment is that:
– The Administrators are now in control of the Company, its assets, operations and undertakings;
– All Company accounts have been secured, including client monies accounts;
– All investors’ accounts have been switched to ‘Close Only’ mode – i.e. it is not possible to enter into new
positions, nor is it possible to withdraw money from client accounts, however it is possible to close out
current positions;
– We have commenced a full investigation into the Company’s financial position; and
– We have also commenced a full identification and reconciliation of client entitlements
We will be updating the the Financial Markets Authority (FMA) on our progress throughout the administration.
Our work is at a very early stage, given that our appointment occurred on 27 November 2018. We appreciate that
you are an important stakeholder and we will issue updates to investors as soon as more information becomes
available.
There will be a first meeting of creditors on Friday 7 December 2018 where further information will be provided,
and creditors and clients will have the opportunity to ask questions of the Administrators. A formal notice of
meeting will be provided shortly.
Questions regarding the administration should be directed to the Halifax New Zealand Hotline on 0800 729 276.
