Another delay for Ross Asset investors

Wellington High Court has again delayed the update into Ross Asset Management.

PwC receivers John Fisk and David Bridgman were to have provided an update on their progress today but  the hearing was adjourned.

The Wellington-based finance company and a number of associated entities were placed into liquidation on December 17 last year.

PwC’s first liquidators’ report was provided on December 20.

At the date of that report, Mr Fisk said he had found only $10.5 million worth of assets, from a purported $449 million worth.

Mr Fisk told investors the records were not of a sufficient standard to immediately and sufficiently identify all assets.

“Accordingly the schedule of such assets continues to change as the identification process continues and new assets are located and accurate information is obtained.”

The court had already adjourned the update from December and PwC will now update the court on its progress on March 11.

bcunningham@nbr.co.nz

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