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Halifax NZ is a broker of a form of high risk trading called derivatives.
A New Zealand investor said a New Zealand brokerage firm froze $ 45,000 of its investment after its Australian parent company began its administrative activities.
In a letter to his clients on Monday, Andrew Gibbs, managing director of Halifax NZ, said Halifax Investment Services in Australia had entered service on November 23.
Halifax NZ worked with the Halifax Investment Services Administrator "with the intention of continuing to act in the best interest of Halifax customers, maintain commercial functionality and seek the best possible results", Gibbs said.
A customer from Halifax, New Zealand, who only wanted to be called Luke, said he and other customers could not withdraw money from their accounts.
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He said that he had invested $ 45,000 in American and Australian stocks that he was afraid of losing.
"My account manager said he was losing his job in Halifax NZ and had little information on what was happening at Halifax Investment Australia and what would happen to our investment because our shareholding. "
He expressed concern about the lack of information.
He said he had been a customer for about three years and chose to go through Halifax for a small fee.
Halifax NZ is an equity broker and a form of high-risk trading called derivatives, with offices in Auckland and Wellington.
The records of the Board of Companies indicate that this company is 70% owned by Halifax Investment Services and 30% by Kaye Williams and Andrew Gibbs.
His trading platforms were placed in "closed only" mode and the new commercial placements were deactivated, Gibbs said.
One of its platforms, dubbed Trader Workstation, has not been affected and remains functional to open and close positions, he said.
"However, the deposit / withdrawal feature will be delayed until we have clearer information," Gibbs said.
"Naturally, we apologize for any inconvenience caused and the losses incurred, and until Halifax was informed of the action of the external administration on Friday, we did not have any information, forecasting or knowledge to prepare or save the situation (sic).
"We thank you for your trust and hope you will maintain your support for the duration of the storm."
Gibbs did not respond to requests for comment.
The Halifax Investment Services website is closed for "maintenance" but has a direct line for administrators.
The partners of Ferrier Hodgson, Morgan Kelly, Stewart McCallum and Phil Quinlan, have been appointed as volunteer directors by the Board of Directors of Halifax Investment Services.
Halifax Investment Services ceased operations and all accounts receivable were suspended while the directors were investigating the company and meeting with the Australian Securities and Investment Commission (ASIC), Ferrier Hodgson said in a written statement.
Halifax Investment Services employed about 30 people in Sydney and its clients were retail and wholesale investors, mainly in New Zealand, Australia and China.
"Directors evaluate the best course of action and focus on the best results for investors," he said.
Kelly said she was conducting an urgent investigation into business operations.
"Investors are our main concern at the time," Kelly said.
A meeting of creditors would be held on December 5th.
A spokeswoman for the Autorité des marchés financiers, which regulates Halifax NZ, said she was working on all matters relating to Halifax NZ, ASIC and the directors. "We will provide another update when we can."
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