The founder of failed investment firm Ross Asset Management and his wife are seeking permission to sell chattels to help cover his legal bills and recoup household costs.
Lawyers for David Ross, sole director of the company feared to have run what could turn out to be New Zealand’s largest Ponzi scheme, were in the High Court at Wellington yesterday for the latest hearing on freezing orders over his assets and companies.
Ross Asset Management investors are calling for the liquidation of the company to be put out to competitive tender.
The High Court at Wellington has been told that Ross had insufficient means to cover costs of more than $153,000 and assets need to be sold.
Investors are worried most of the available money will be devoured by professional fees.
This Guide has been prepared by Ernst & Young.
If a company is in financial difficulty, its shareholders, creditors or the court can put the
company into liquidation under the provisions of the Companies Act 1993 (―the Act‖).
This information sheet provides general information for unsecured creditors of
companies in liquidation.
Receivers and their legal counsel for Ross Asset Management discounted their charges but still could not extract their full fees from the liquid assets left in David Ross’s group of investment companies, the High Court has been told.
Receivers and their legal counsel for Ross Asset Management discounted their charges but still could not extract their full fees from the liquid assets left in David Ross’s group of investment companies, the High Court has been told.
A group of investors in the failed Ross Asset Management group has asked the High Court for it to be admitted as a party to proceedings and called for the liquidation of the companies to be put out to tender.
Investors who put money into Ross Asset Management have set out a wish list for the company’s liquidation, which is likely to proceed on Monday.
On Thursday receivers from PriceWaterhouseCoopers met with David Ross who had been held in hospital for three weeks under the Mental Health Act.
So far only $11 million of the $449.6m reported to be in investors’ portfolios has been found and receivers say further significant recoveries are unlikely.
Some Ross Asset Management investors have asked the High Court to be admitted as a party to proceedings and called for the liquidation of the failed group to be put out to tender.
A tentative new date of December 10 has been set for the Financial Markets Authority (FMA) to update the High Court on the Ross Asset Management receivership, by which time receivers PwC are expected to have applied to liquidate the group.
A group of investors in the failed Ross Asset Management group has asked the High Court to be admitted as a party to proceedings and called for the liquidation of the companies to be put out to tender.