Bank of New Zealand Comments on Liquidation of Access Brokerage Ltd
Following the appointment of a liquidator for Access Brokerage Ltd (Access), Bank of New Zealand has frozen all accounts in the name of Access Brokerage Ltd, including trust accounts.
The trust accounts operate in the same way as a solicitor’s trust account. The clients’ relationship is with Access Brokerage; only Access Brokerage can authorise the withdrawal or deposit of funds from the trust accounts that are in its name. By law, the bank can respond only to the instructions of Access as the trustee, its authorised nominee, or the liquidator. Bank of New Zealand does not operate the accounts in any way.
Mr Gill said Bank of New Zealand was conscious of the impact of these events on clients of Access. “The bank has a team that is ready to work with the liquidator to assist an orderly resolution of Access’s affairs.”
Mr Gill said Bank of New Zealand hoped to receive instructions from the liquidator on the arrangements for the frozen trust accounts in the next few days.
Mr Gill said Bank of New Zealand customers who had personal call accounts for the purposes of on-line share-trading were unaffected by the freezing of the trust accounts. “It is only accounts that are in the name of Access Brokerage that are frozen; accounts that customers may have used for the purpose of personal on-line share-trading via the Bank of New Zealand website are not frozen and customers can access funds in those accounts. “