Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

$21m to be released from Access Brokerage account

First $21 million to be released from Access Brokerage Trust deposit account

The liquidators of Access Brokerage Limited (Access) and Bank of New Zealand have today agreed a process to allow the partial release of funds held in the Access Trust deposit accounts at Bank of New Zealand. It is anticipated these funds will be available late next week.

Bank of New Zealand Head of Corporate Management, Alan Adcock, says the Bank is delighted that Access’ customers will now have some immediate relief from the uncertainty that has surrounded the holding of funds in the Access Trust deposit account.

Under the agreed arrangements nearly 75 percent of Access’ customers, who hold balances of less than $1000, will be paid out in full next week.

The remaining customers (approximately 2,500) will receive 60 percent of their balances now, with the remaining 40 percent retained by the liquidator while remaining legal issues are resolved.

To facilitate the payments, full customer account details and amounts will be extracted from Access’ files by the liquidator and provided to Bank of New Zealand for processing.

Mr Adcock also said the liquidator has announced that he intends to lodge an application in the High Court next week to ensure that the balance of the fund was distributed as soon as possible.

“This has been a very difficult time for customers of Access, and these arrangements provide immediate resolution for as many of the affected people as possible. We recognise that this leaves other Access customers with unresolved issues, and we are hopeful they are settled soon.”


“We are delighted at this initial progress, which sees over $21 million of funds released, and hope the remaining issues can be resolved soon,” said Mr Adcock.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>