Australian and New Zealand Justices Published Judgments Against Halifax
KPMG, the Liquidator of Halifax Investment Services Pty Ltd, recently announced that their Honours Justice Markovic and Justice Venning of the Federal Court of Australia and the High Court of New Zealand respectively have handed down their judgments in the Client Money proceedings.
According to the official press release, the judgments and Orders are available at the following links:
Judgment of Justice Markovic of the Federal Court of Australia:
Judgment of Justice Venning of the High Court of New Zealand:
KPMG is now undertaking a detailed review of the judgments and will provide a more detailed update to Investors once the Liquidator has considered the implications and next steps.
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Halifax Bankruptcy Backgroud
Back to November 2018, Halifax Investment Services went into administration. Earlier this year, the Australian Securities and Investments Commission (ASIC) announced to cancel Australian financial services (AFS) licence of Halifax, effective 8 January 2021. Prior to that, the ASIC suspended the AFS licence of Halifax twice respectively in 2019 and 2020.
As at 28 February 2021, there is an estimated deficiency of $44.6 million, which represents 16% of client equity positions (as at 28 February 2021), with the total amount of assets held on trust for clients of Halifax AU and Halifax NZ being $241.1 million and client equity positions being $284.8 million.
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