Liquidators of defunct FX broker LQD Markets NZ recover only $3,500


There is no happy piece of news for ex-clients of New Zealand Forex broker LQD Markets Limited, which was placed into liquidation shortly after Liquid Markets UK halted its operations following the steep Swiss franc spike on January 15, 2015.

The joint liquidators of the New Zealand broker have just published their six-month report – for the period from September 12, 2015 to March 12, 2016, with the data showing that only NZ$5,140 (US$3,500) have been realised to date.

Given the expenses associated with the liquidation, the funds on hand are only NZ$446.

This compares with client claims for a sum exceeding US$900,000. (You can find more details in the table below.)

claims_lqd

The liquidators say they will continue to push for an early distribution from the UK Administration. In the meantime, they will be investigating the background to the company’s failure to determine if any other action should be taken. At present it is not possible to estimate the date of completion of the liquidation at this point.

The latest report from RSM Restructuring Advisory, previously known as Baker Tilly, about LQD Markets UK, says that they have agreed compensation claims with 546 former clients of the broker. The claims are worth a total of US$4.34 million. The administrators say that the investigation into the client monies’ deficit of $$2.91 million is ongoing.

You can view the full report from Gerry Rea Partners by clicking here.

Related News

arrow

Liquidators of defunct FX broker LQD Markets NZ recover only $3,500

2

Send this to a friend

Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: