PwC connect Login Register
International PwC Sites
Complete list of PwC territory sites
This website is your primary source of information related to the receivership and/or liquidation of Ross Asset Management Limited and related entities (the "Ross Group"):
Ross Asset Management Limited (In Liquidation)
Bevis Marks Corporation Limited (In Liquidation)
Dagger Nominees Limited (In Liquidation)
McIntosh Asset Management Limited (In Liquidation)
Mercury Asset Management Limited (In Liquidation)
Ross Investment Management Limited (In Liquidation)
Ross Unit Trusts Management Limited (In Liquidation)
United Asset Management Limited (In Liquidation)
Chapman Ross Trust (In Receivership)
Woburn Ross Trust (In Receivership)
Mr David Robert Gilmour Ross (In Receivership)
Ace Investments Limited or Ace Investment Trust Limited or Ace Investment Trust (In Receivership)
Vivian Investments Limited (In Receivership)
Ross Units Trusts Limited (In Receivership)
The DRG Ross Family Trust (In Receivership)
Ross Asset Management Limited (In Liquidation) and related entities
PO Box 243
Facsimile: +64 (04) 462 7492
Telephone message line: +64 (04) 462 7040
This site will be updated as information becomes available.
We encourage you to visit this site if you have any concerns and/or additional enquiries.
26 January 2017
Ross Group Companies - Liquidators' 48 month report
7 September 2016
On 1 September 2016 the liquidators of Ross Asset Management Limited (In Liquidation) lodged a notice in the Court of Appeal to appeal the High Court's decision in Priest v Ross Asset Management Limited. No date has yet been set for a hearing.
10 August 2016
Ross Group Companies - Update to investors following Supreme Court hearing in McIntosh v Fisk
9 August 2016
The High Court has held that Duncan and Nora Priest are entitled to shares valued at circa $2 million. The liquidators of Ross Asset Management Limited (In Liquidation) ('RAM') had argued that the shares formed part of the general body of assets available to RAM's investors.
The Court held that the circumstances surrounding the acquisition and holding of the Priest shares were sufficiently different than the situation with other RAM investors, that a bare trust in favour solely of the Priests was created and that trust endures the receivership and liquidation of RAM. Accordingly the shares do not form part of the general body of assets available to RAM's investors.
The liquidators are reviewing the decision to determine whether to appeal.
18 July 2016
Ross Group Companies - Liquidators' 42 month report
8 July 2016
David Ross - Receivers' 42 month report
8 June 2016
Result of 9th Liquidation Committee
2 June 2016
On 26 May 2016 the Supreme Court granted leave to hear both the appeal and the cross-appeal in McIntosh v Fisk. The date for the substantive hearing has been set for Wednesday 27 July 2016.
20 April 2016
On 16 March 2016 the Court of Appeal released its judgment on McIntosh v Fisk confirming the decision in the High Court that fictitious profits should be repaid to the liquidators for the benefit of all creditors. The liquidators were denied their cross-appeal for claw-back of capital withdrawals, with Miller J dissenting on this point.
The liquidators were advised on 15 April 2016 that McIntosh has applied for leave to appeal the fictitious profits aspect of the Court of Appeal’s decision to the Supreme Court. As a result of this, the liquidators now intend to apply for leave to cross-appeal on the matter of capital withdrawals. If leave to appeal is granted, we will also be making an application for this appeal to be heard with urgency.
The liquidators will be in further contact with the affected investors in due course.
17 March 2016
The Court of Appeal has confirmed the High Court ruling in Fisk v McIntosh. All three judges agreed that the Liquidators of Ross Asset Management Limited (In Liquidation) are entitled to claw back the full amount of fictitious profits received by an investor prior to liquidation. The claim was successful under both the provisions of the Companies Act 1993 and the Property Law Act 2006.
By a majority decision (2-1), the Court declined the liquidators’ cross-appeal seeking to recover the full value of withdrawals, being both capital deposited and fictitious profits. One dissenting judge would have allowed this cross-appeal.
The Liquidators note that the Court has attempted to balance the interests of both the individual investor and the general body of creditors based on the prevailing law which binds the Court of Appeal.
The liquidators are currently considering whether to appeal the Court of Appeal’s decision on the capital aspect to the Supreme Court. They will consult the liquidation committee about this. In light of the decision, the Liquidators intend to continue with the two existing cases which have been commenced in the High Court as well as writing to other investors who have made withdrawals in the last six years where the Liquidators consider a claim exists.
3 February 2016
Ross Group Companies Liquidators' 6th six monthly report
15 January 2016
David Ross and related entities - Receivers' 36 month report
25 September 2015
Further to our recent update, the Court of Appeal has moved the date of the appeal hearing in Fisk v McIntosh from 10 November 2015 to 19 November 2015.
8 September 2015
DRG Ross Family Trust - Receivers' final report
Ross Group Companies - Result of 8th liquidation committee meeting
15 July 2015
Ross Group Companies Liquidators 5th six monthly report
1 July 2015
David Ross and related entities - Receivers' 30 month report
DRG Ross Family Trust - Receivers' 18 month report
23 June 2015
The High Court has confirmed that the Liquidators of Ross Asset Management Limited (In Liquidation) ('RAM') are entitled to claw back the full amount of fictitious profits received by an investor prior to the Company's liquidation. The claim was successful under both the provisions of the Companies Act 1993 and the Property Law Act 2006.
The Liquidators note that the Court has attempted to balance the interests of both the individual investor and the general body of creditors. The decision provides guidance to allow further such claims to be made by them - with the aim of providing a higher return to those investors remaining when RAM was placed into liquidation.
In light of the decision, the Liquidators intend to continue with the two existing cases which have been commenced in the High Court. They are also reviewing the position of a number of other investors who have received payments from RAM in the period leading up to the Company's liquidation.
The judgment can be found here: FISK v HAMISH McINTOSH  NZHC 1403 [22 June 2015]
23 January 2015
Ross Group Companies Liquidators' 4th six monthly report
Ross Group Companies outcome of seventh Liquidation Committee meeting
15 January 2015
David Ross & related entities Receivers' 24 month report
DRG Ross Family Trust - Receivers' 12 month report
28 July 2014
Ross Group Companies - Liquidators' 3rd six month report
10 July 2014
David Ross & related entities Receivers' 18 month report
4 July 2014
DRG Ross Family Trust Receivers' 1st 6 month report 4 July 2014
30 May 2014
Ross Trusts - Receivers' Final Report
14 May 2014
Outcome of Sixth Liquidation Committee Meeting
17 March 2014
Letter from IRD re 2008 and prior tax years
20 December 2013
Ross Group Companies - Liquidators' 2nd six month report
DRG Ross Family Trust report - Receivers' first report
David Ross and related entities - Receivers' 2nd six month report
14 November 2013
Letter from IRD re prior year tax returns
Result of the 5th Liquidation Committee Meeting
15 August 2013
Result of the 4th Liquidation Committee Meeting
17 July 2013
Ross Group Companies - Liquidators' first six month report
4 July 2013
David Ross first six monthly report
Ross Group final company Receivers' report
12 June 2013
Frequently asked questions
Result of the 3rd Liquidation Committee Meeting
30 April 2013
Result of the 2nd Liquidation Committee Meeting
21 March 2013
IRD statement and position regarding possible refunds
Result of the first Liquidation Committee Meeting
11 February 2012
Letter to Creditors and Investors - Result of Postal Meeting
Receiver's first report
20 December 2012
First report to Creditors - Ross Asset (In Receivership and In Liquidation)
17 December 2012
News release: Update on Ross Asset Management (In Receivership) and Related Entities (In Receivership)
3 December 2012
The Receivers and Managers to Ross Group today submitted liquidation applications to the High Court of New Zealand for a number of the companies currently in receivership. A High Court hearing date of Monday 17 December 2012 has been allocated.
This is consistent with their Report and Memorandum of Counsel submitted and presented to the High Court of New Zealand for review (respectively on 15 November and 23 November 2012).
26 November 2012
The Receivers and Managers to Ross Asset Management Limited and related entities (In Receivership) submitted a Memorandum of Counsel on Friday 23 November 2012, for the High Court of New Zealand to review today (Monday 26 November).
The Receivers and Managers confirmed no additional significant assets have been located since their last report to the Courts and investors. The latest value of assets identified as supporting investors' portfolios is $11.478 million with inquiries continuing.
The Receivers also updated the Court with their opinion that those Ross Group companies holding assets be placed in liquidation and that a relevant application to do so will be filed shortly with the Court. Those entities not holding assets should remain in receivership.
For avoidance of doubt, the Receivers and Managers sought re-confirmation from the Court that they be allowed to sell assets owned by the wider Ross Group in order to pay for reasonable fees and costs incurred to date in their administration (e.g. receivership fees and costs, advertising and legal fees). Today's High Court hearing re-confirmed the Court's earlier ruling that the receivers can sell such property to cover those costs and fees incurred.
The Receivers and Managers continue to work through the process of preparing liquidation applications.
22 November 2012
Following the release of Mr David Ross from hospital yesterday, the Receivers and Managers have been able to meet with Mr Ross this afternoon. The purpose of the meeting was to confirm the financial position of each of the entities to which the Receivers have been appointed to.
Mr Ross has been fully cooperative in answering the Receivers' and Managers' questions.
Mr Ross and the Receivers reviewed the Report submitted to the High Court on 13 November 2012.
Based on this meeting, the Receivers and Managers do not expect to locate any further assets of significant value within the Ross Group (In Receivership). The Receivers and Managers acknowledge this will be extremely disappointing news for investors.
Further work will now be focused on finalising the collection of information from brokers by the Receivers and Managers, and reporting to the Court this Monday on proposed next steps.
Receivers' second letter to investors
15 November 2012
PwC report to the High Court of New Zealand on the Affairs of Ross Asset Management Limited and Related Entities (In Receivership)
News release: Update on Ross Asset Management Limited (In Receivership) and related entities
12 November 2012
Receivers from PwC and brokers NZ First Capital to date have been identifying and preserving assets on behalf of investors, as per the orders obtained by FMA.
Sealed order: Ross Group - Sealed order 12 November 2012
8 November 2012
Letter to Investors: Ross Group - Letter to Investors 8 November 2012
6 November 2012
News release: PwC appointed Receivers & Managers to Ross Asset Management & 9 related entities