Halifax New Zealand follows Australia-based parent company in administration

Halifax New Zealand Online Brokerage has been following the administration of its Australia-based parent company in a matter of days.

Halifax, New Zealand was placed under a voluntary administration yesterday, with the appointment of directors of the partners of the insolvency specialist Ferrier Hodgson.

Halifax New Zealand has announced that it will cease operations immediately and that all accounts receivable have been placed in "close only" mode.

Morgan Kelly, one of three associates named by Ferrier Hodgson as volunteer directors, said investors were the main concern at the present time.

"Investors are our main concern at the moment, we are conducting an urgent business transaction survey and we will ensure that all stakeholders, creditors, investors and employees are informed of all developments."

The company said the directors are assessing the best course of action and would focus on the best results for investors.

Kelly announced that a meeting of creditors would be held on December 7, 2018.

According to the Australian Securities and Investment Commission, Ferrier Hodgson's associates were also appointed directors of Halifax Investment Services in Sydney on November 23.