- FIRST CLASS CARS LIMITED | CIV 2017-404-1011
- EAST PARK LIMITED | CIV 2017-404-1022
- WEST HOE LIMITED | CIV 2017-404-1031
- MR8 CONSTRUCTION LIMITED | CIV 2017-404-1061
- ZEAL CONTRACTING LIMITED | CIV 2017-470-71
- AJAY ENTERPRISES LIMITED | CIV 2017-470-70
- BEVIR LOGGING LIMITED | CIV 2017-442-19
- SUBLOOS NZ LIMITED | CIV 2017-442-15
- TH NO.1 LIMITED | CIV 2017-404-997
- SPHERE DESIGN CAPSULE LIMITED | CIV 2017-404-1038
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