van Eyk administrator recommends liquidation

van eyk research house best interests investments commission australian securities and investments commission fund manager

20 October 2014
| By Staff |
image
image
expand image

van Eyk's administrator has recommended winding up the research house, ahead of a meeting tomorrow to determine the company's fate.

A month after being appointed administrator for the troubled research house, Trent Hancock, of Moore Stephens Corporate Recovery, said in a report to creditors it would be in the best interests of creditors to wind up the company.

If the research house is liquidated, a spokesperson said the administrator would conduct a thorough investigation into the company officers' past dealings.

However, Hancock noted if the company is wound up, it would not preclude any current sale process that is underway.

A spokesperson for the administrator said both an Australian and a New Zealand business were still in talks to purchase parts of the research house.

The events leading to van Eyk's demise are also being investigated by the Australian Securities and Investments Commission.

Tomorrow, at a meeting in Sydney, creditors will gather to decide the future of the company.

They will in part base their decisions on a report prepared by Hancock, in which he states the company's woes largely began when van Eyk was terminated as fund manager of the Blueprint series by Macquarie in August and September.

It follows an illiquid investment made in one of the Blueprint funds in August by UK-based hedge fund, Artefact Partners, which van Eyk said broke the company's investment mandate.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 2 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

4 weeks 1 day ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week ago