sharetrader
Results 1 to 12 of 12
  1. #1
    Junior Member
    Join Date
    Oct 2017
    Posts
    5

    Default 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 10:52 PM.

  2. #2

  3. #3
    Senior Member
    Join Date
    Jan 2015
    Posts
    505

    Default

    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...

  4. #4
    Member
    Join Date
    Jul 2017
    Posts
    66

    Default

    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.

  5. #5
    Senior Member
    Join Date
    Apr 2008
    Location
    Kerikeri
    Posts
    778

    Default

    Quote Originally Posted by tipsy View Post
    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 04:59 PM. Reason: Additional Info

  6. #6
    Junior Member
    Join Date
    Jul 2013
    Posts
    26

    Default

    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.

  7. #7
    Senior Member
    Join Date
    Apr 2008
    Location
    Kerikeri
    Posts
    778

    Default

    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.

  8. #8
    Member
    Join Date
    Mar 2015
    Location
    auckland
    Posts
    50

    Default

    I am confused here. It seems the account number I use belongs to Australian Halifax investment service (UXXXXXX). But the NZ's POD form have UserID = 0.. I manually corrected the userID (crossed and hand wrote one). Not sure if this is accepted...

  9. #9
    Senior Member
    Join Date
    Jan 2015
    Posts
    505

    Default

    i listened to the webcast a bit yesterday, there are about 10-20mil deficit out of a total 210mil client equity and cash.
    the process can be very long, as the administrator often need to seek court decision.
    clients cash and shares are not totally safe, because the money to buy share went through a few bank account.. also, depending on court decision, it's likely all clients will share this deficit, and the cost of administration and court fee.
    the halifax asia is not part of the administration and that made things more complicated.
    a few competitors has asked if they can buy out halifax.
    by the time i am off, they are still arguing the resolution regarding replacing the administrator and whether or no setting up the inspection committee.
    good luck

  10. #10
    Senior Member
    Join Date
    Apr 2008
    Location
    Kerikeri
    Posts
    778

    Default

    https://www.ferrierhodgson.com/au/-/...ember-2018.pdf

    A bit more information here from the Aussie meeting yesterday. They said that we would be able to listen to the meeting afterwards.....but so far I can not see a link.
    I am hoping to be able to listen in tomorrow to the NZ meeting.
    Very sad.

  11. #11
    Junior Member
    Join Date
    Mar 2018
    Location
    Nelson
    Posts
    2

    Default

    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.

  12. #12
    Junior Member
    Join Date
    Mar 2018
    Location
    Nelson
    Posts
    2

    Default

    Just finished listening to the NZ Creditors meeting webcast.......Apparently Halifax NZ was/is solvent but is owned 70% by Halifax Australia. There is a slight possibility that Halifax NZ could be dropped from Administration and resume trading on its own, or there is also the possibility that Halifax NZ could be bought out or bought in by other investors and continue operations, or it could be dragged down by the mess that seems to be mostly in Australia. It was also suggested that investors on the TWS platform are least affected and most secure, and could be first in line to get their assets returned.....Lots of maybes and ifs but better news than our worst fears generated.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •