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


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7213 -0.0062 -0.85%
AUD 0.9135 -0.0030 -0.33%
EUR 0.6108 -0.0028 -0.46%
GBP 0.5361 -0.0035 -0.65%
HKD 5.6346 -0.0503 -0.88%
JPY 80.8900 -0.4200 -0.52%

Commods

Commodity Price Change Time
Gold Index 1307.1 13.250 2017-09-25T00:
Oil Brent 58.4 2.190 2017-09-25T00:
Oil Nymex 52.2 1.560 2017-09-25T00:
Silver Index 17.1 0.163 2017-09-25T00:

Indices

Symbol Open High Last %
NZX 50 7869.8 7887.2 7869.8 0.22%
NASDAQ 6403.1 6408.1 6426.9 -0.88%
DAX 12557.4 12629.9 12594.8 0.08%
DJI 22320.5 22359.9 22349.6 -0.24%
FTSE 7301.3 7311.8 7301.3 -0.21%
HKSE 27308.6 27567.9 27500.3 0.05%
NI225 20349.3 20385.5 20397.6 -0.33%
ASX 5683.7 5698.5 5683.7 -0.22%