Some investments in David Ross’ failed business could have been saved if his clients had voiced concerns about their money sooner, says a financial disputes service.
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Stuff: I don’t see regulatory failure – Foss
Commerce Minister Craig Foss denies the Ross Asset Management collapse has exposed regulatory failures, with no plans in motion to modify legislation he says is key to building confidence in financial markets.
In an interview Foss, a former investment banker with Credit Suisse, said accountants or other advisers working for Ross’ clients had time to ask questions of how the company was being managed, if the regulator couldn’t.
TVNZ: Ross Asset receivers unable to extract full fees, court told
Receivers and their legal counsel for Ross Asset Management discounted their charges but still couldn’t extract their full fees from the liquid assets left in David Ross’s group of investment companies, the High Court has been told.
Stuff: Ross wants to raise cash to pay legal bills
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.
NewstalkZB: Ross Asset Management must cover costs
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.
Liquidation – A Guide for Investors
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.
NBR: Receiverships don’t come cheap, details of Ross Asset case show
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.
3News: Ross receivers, lawyers discount charges
Receivers and their legal counsel for Ross Asset Management discounted their charges but still couldn’t extract their full fees from the liquid assets left in David Ross’s group of investment companies, the High Court has been told.Read the Story …
NZ Herald: Ross receivership costs revealed
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.
NBR: Ross Asset receivers consider selling assets
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.