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Junior Member
Halifaxonline.co.nz in administration (dedicated thread)
Hi all,
So, just got the news just less than 2 days late. I know some of you, like u/tipsy, u/babymonster and u/bull on this thread probably have accounts there, plus probably have international shares. Personally, I've been in cash (US$) since mid September (thinking I did well......) and now this.
I've emailed halifaxnz@linkmarketservices.com.au to see where I stand and will update when I hear back.
The news about where we stand is pretty much zero, with the administrators being not exactly forthcoming with where around 4000 users/investors stand.
Let us know what you've heard or know.
Last edited by nzmagpie; 29-11-2018 at 11:52 PM.
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Junior Member
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anyone going to the meeting on 7th?
i am not sure how to fill out the POD form... i have two accounts, initially an AU account but was told the switching to a NZ account a few months ago.. both have share holding and a bit of cash.. i guess i need two POD forms..
but am i creditor or secure creditor? emailed the address above but no reply...
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Junior Member
I was told to use the Au form and just enter correct user name. I was also told to check creditor even though I am an investor.
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Member
Here is a faq from the administrators https://www.dropbox.com/s/e79zugo75b...20FAQ.PDF?dl=0
I did speak to someone I know at Halifax, and he was pretty much in the dark, turned up on Monday and was told it was all over, all records and books were removed from his possession. He did say all client accounts were segregated but I don't think that will mean much if there's a massive shortfall somewhere. I guess it's up to the administrators as to what happens with the funds.
Not a great situation really and feel for those that had cash sitting around. I think even transferring shares from a broker under administration maybe tricky? And what to do with any open positions? You can close them but then that cash will obviously be frozen.
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Originally Posted by tipsy
Here is a faq from the administrators https://www.dropbox.com/s/e79zugo75b...20FAQ.PDF?dl=0
I did speak to someone I know at Halifax, and he was pretty much in the dark, turned up on Monday and was told it was all over, all records and books were removed from his possession. He did say all client accounts were segregated but I don't think that will mean much if there's a massive shortfall somewhere. I guess it's up to the administrators as to what happens with the funds.
Not a great situation really and feel for those that had cash sitting around. I think even transferring shares from a broker under administration maybe tricky? And what to do with any open positions? You can close them but then that cash will obviously be frozen.
This is awful. Thanks for posting the link to the FAQ's.
In them No. 7 states "Link Market Services will issue proofs of debt (POD) and proxy forms relating to each individual account via email to investors on 29 November 2018".
Has anyone received this email ? I haven't.
https://www.ferrierhodgson.com/au/-/...ember-2018.pdf
New FAQ. I see it only talks about Australian clients
"What communications should I expect to receive?
On 27 November 2018, Link Market Services issued proofs of debt (POD) and proxy forms relating to each individual account via email to Australian investors. If you hold more than one account, you will have received a separate POD and proxy for each account. These forms will contain your user ID number. "
Last edited by RTM; 03-12-2018 at 05:59 PM.
Reason: Additional Info
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Junior Member
Are people of the understanding that our shareholdings are protected (held by a third party custodian) and only our cash is at risk? I emailed the linkmarketservices email address last week but still haven't had a reply.
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I read the agreement we signed, it all seemed in favour of Halifax....sadly.
It’s not an easy read, will go through it again tomorrow.
And then there is the Australian vs NZ piece as well.
As a lay person, hard to understand.
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I checked out the Halifax software but wasnt impressed and so lost interest in them.
Always get stuff you buy registered in your own name if at all possible. Sure CFD's cant be , and overseas holdings tend to be custodial but dont have to be (I think)
For clarity, nothing I say is advice....
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