- NZ DISTRIBUTION LIMITED | CIV 2017-404-2824
- NNNM ENTERPRISES LIMITED | CIV 2017-404-2803
- BUILD IT CREW LIMITED | CIV 2017-404-2686
- SOUTH CONSTRUCTION LIMITED | CIV 2017-404-2689
- FAST TRACK NZ LIMITED | CIV 2017-404-2690
- TASTE OF CHINA LIMITED | CIV 2017-404-2645
- JJZ ENTERPRISES LIMITED | CIV 2017-404-2647
- MOUNTAIN VALLEY TRADING CO. LIMITED | CIV 2017-409-915
- FBG DEVELOPMENTS LIMITED | CIV 2017-409-510
- GOLDEN FLEECE SHEEPSKIN MANUFACTURING COMPANY LIMITED | CIV 2017-409-868
FMA concerned as Forex Brokers hole deepens
The collapse of a foreign exchange firm has sparked the interest of regulators and police as anticipated losses ballooned out to more than $15 million.
Expected losses from Queen Street firm Forex Brokers, whose offices and website have been shuttered since earlier this month, have rapidly widened to $15.4 million since the company appointed PKF as liquidators on April 11.
The first liquidators published on Wednesday by PKF's Chris McCullagh and Stephen Lawrence said the company likely had only $56,656 to satisfy creditors, largely made up of forex clients, owed $15.4m.
Russell Maher, Forex Brokers' managing director, told liquidators he blamed the failure on "too many 'out of money' contracts," and competition that forced him to adopt an overly-large position.
Read the full article by Matt Nippert > New Zealand Herald - nzherald.co.nz