FMA update on Forestlands
The FMA has decided not to seek costs arising from its application to put the Forestlands companies 2-12 and 14-20 into liquidation.
The FMA has informed the liquidators, KordaMentha, accordingly.
When the FMA applied to the High Court to put the Forestlands companies 2-12 and 14-20 into liquidation, it reserved its position in terms of costs. It did so because the length and complexity of the case was not clear at that time. An organisation seeking to put a company into liquidation is entitled to claim costs under legislation. The amount that the FMA would have been entitled to claim in this case was approximately $32,000.
The FMA considers its position in terms of claiming costs on a case by case basis.
KordaMentha has now published its first liquidators’ reports in relation to the Forestlands companies 2-12 and 14-20. Copies of those reports can be found here.
The FMA’s investigation into the Forestlands director remains ongoing.