Halifax Liquidator KPMG Announces Changes to the Key Dates for Submitting Claim

KPMG, the Liquidator of Halifax Investment Services Pty Ltd, released an update regarding distributionn process, to inform investors of a change to the key dates for submitting a claim following the June 2022 Orders and to provide an update on the timing of a distribution to Investors.

1. Update on distribution process

As noted in the February 2022 Update, Investors with pending Category 3 and/or Category 5 applications (Category 3/5 Investors) will receive a Distribution Notice once their application has been resolved.

Until such time as all Category 3/5 Investors have received a Distribution Notice and the time for those Investors to respond to the Distribution Notice has expired, the Liquidators will not close the Investor Portal.

2. Change to the key dates for submitting your claim

While the Investor Portal remains open:

1. Investors can continue to log into the Investor Portal and confirm the value of their entitlement and/or complete the ID verification process. This means that Investors will have a period of longer than 21 or 35 days in which to confirm the value of their entitlement and complete the ID verification process via the Investor Portal; and

2. the section of the Investor Portal which asks Investors whether or not they dispute the value of their entitlement will be accessible to Investors. However:

(a) the Liquidators will not accept or consider any disputes submitted by an Investor more than 35 days after the issue of the Distribution Notice to that Investor; unless

(b) the Investor already submitted a query regarding the Investor Portal or the Distribution Notice within 35 days of the Distribution Notice and the Investor lodges a dispute no later than 35 days after:

(i) the date of this notice; or

(ii) the date the Liquidators respond to the Investor's query, whichever is later.

The Liquidators encourage Investors to confirm the value of their entitlement and complete the ID verification process if they have not yet done so, as this information will be used for future distributions.

Pursuant to the June 2022 Orders, the Liquidators will notify Investors at least 3 days before the Investor Portal is closed.

3. Timing of a distribution to Investors

The Liquidators and their staff will continue to assist Investors who have requested assistance regarding the Investor Portal and/or the Distribution Notice. Please note that they will not be responding to Investors who email them requesting confirmation of the date their payment will be made or Investors who submit general queries regarding the timing and amount of a distribution. This is due to the volume of queries they are currently receiving and their focus on reviewing claims and paying distributions to Investors.

The Liquidators will respond to questions regarding the Investor Portal and Investors who require assistance with the submission of their claims.

The Liquidators have commenced the review of claims of those Investors who have logged into the Investor Portal and confirmed the value of their entitlement (Initial Distribution Investors). The Interim distribution paid will be half of the amount submitted by the Eligible Investor in the Investor Portal, which claim has been verified by the Liquidators.

The Liquidators expect to complete the review process in respect of the Initial Distribution Investors and make a distribution of funds to the majority of Initial Distribution Investors (which will be paid in multiple tranches) by the end of June 2022.

As noted in the May 2022 Update, some Investors will not receive an Initial (June 2022) Distribution for various reasons.

Please note however that if you do not receive an Initial June 2022 Distribution due to an issue with your claim as outlined above, this does not necessarily mean that you will miss out on the distribution entirely, it may mean that your initial distribution may be slightly delayed.