Court appoints liquidators at Forex broker BlackfortFX (Arena Capital)


A New Zealand court today agreed with an application by KordaMentha, receivers of the assets of troubled Forex company BlackfortFX (Arena Capital Limited), and appointed liquidators at the broker.

Under today’s legal ruling, Neale Jackson and Grant Graham from KordaMentha were appointed liquidators by the court under the Companies Act 1993. The decision is set to make it easier for funds to be released and for the compensation procedure to start.

blackfort_kordaThe broker is estimated to owe its 1,100 clients about NZ$ 7 million (US$4.6 million) in total. The bank account of BlackfortFX, however, currently holds only NZ$ 728,000.

The liquidators have already taken possession of four vehicles (three of which are luxury one). They are also pursuing some other minor potential assets.

Amid the bad news for former clients of the broker is that KordaMentha representatives have found that the company has never actually been active in the Forex market. Given that, there have been no actual profits and no such amounts will be compensated. Those clients of the broker who have received sums dubbed as profits will have to promptly return the money to KordaMentha.

To view the full list of documents from New Zealand’s regulators on BlackfortFX (Arena Capital), click here.

KordaMentha’s documents on the case can be found by clicking here.

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Court appoints liquidators at Forex broker BlackfortFX (Arena Capital)

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