van Eyk administrator recommends liquidation

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.

Related News:

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.

Related Content

Regulators band together to urge LIBOR transition

Financial institutions need ensure they are preparing to transition away from the London Interbank Offered Rate (LIBOR) to other benchmarks, with the ...Read more

ASIC spotlights industry fund vertical integration

The Australian Securities and Investments Commission (ASIC) has drawn a direct commercial link between Industry Fund Services (IFS) and the industry s...Read more

ASIC cracks down on dual ARs

Financial planning licensees have been placed on notice to do better background checks of their authorised representatives (AR) to ensure they are not...Read more



Add new comment