Liquidation of van Eyk won’t halt sales


van Eyk's creditors have voted to liquidate the company, as papers are drawn up for two potential buyers.
While administrator and now liquidator, Trent Hancock, of Moore Stephens, confirmed in a statement that sales contracts would "be exchanged shortly", he could not detail the parties.
However, fellow ratings house Lonsec yesterday confirmed it was "extremely interested" in van Eyk's iRate technology solution.
Again, Lonsec could not detail whether its bid had been successful due to a non-disclosure agreement.
Hancock said the company's liquidation would not affect any sales in negotiation.
He said he would continue to look into the events that led to van Eyk's demise and would be assisting the Australian Securities and Investments Commission and the Financial Markets Authority in New Zealand with their respective investigations.
Recommended for you
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.