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.
Ross Asset Management will be managed at least temporarily by PwC as brokers from First NZ Capital attempt to work out the affairs of a company which suffered a ”vacuum of management”, a court has heard.
By Hamish Fletcher
A meeting between financial advisor David Ross and the receivers of his troubled business has borne little fruit.
By Brian Gaynor
Company lacked inherent checks and balances to protect investors.
The collapse of Ross Asset Management is a stark reminder that people should be extremely careful with their investable funds.
By Philip Macalister
I’ve been thinking about New Zealanders and our love affair with property. It is a bond that will never end – well, not in my lifetime anyway.