Ross Group (In Receivership and/or In Liquidation)

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)

Looking for information?

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.

2019 Updates:

11 February 2019

The Liquidators of Ross Asset Management Limited (In Liquidation) have obtained judgment in the High Court against a further investor to repay monies paid out in the period leading up to liquidation. This was under the provisions of the Property Law Act 2007 and the amount to be repaid is $258,910.73 plus interest from the date of liquidation and legal costs. A copy of the full judgment is available below.

22 January 2019 Ross Group Companies - Liquidators 72 Month Report

2018 Updates:

30 November 2018

The Liquidators of Ross Asset Management Limited (In Liquidation) are pleased to advise that they have now paid an interim distribution 14.3705 cents in the dollar towards investors agreed claims in the liquidation.

Clawback proceedings are ongoing and any further distribution will be dependent on successful recoveries being made in relation to those proceedings. Further details will be set out in the Liquidators' next statutory report which is due in early 2019.

If any investor or creditor has not received a distribution to which they believe they are entitled please contact the liquidators here.

17 October 2018

Following the decision of the High Court in relation to Distribution there have been some further procedural matters which have been dealt with, particularly the legal status of all parties heard at the hearing and a costs application on behalf of Investor A. No costs award was made. Copies of the relevant documentation in relation to these matters can be found below.

12 October 2018 The Liquidators have now issued letters to all known investors setting out their claim in the Liquidation, calculated pursuant to the High Court's Direction. If you have not received a letter but believe you should be entitled to a distribution please contact the liquidators - Submit an enquiry
19 September 2018 Following the release of the decision of the High Court in relation to Distribution, we can confirm that the period for appeal has passed and no parties have appealed the decision. The Liquidators are now compiling investor statements calculated pursuant to the decision and these will be issued to investors for verification in the coming weeks.

10 August 2018      

13 July 2018 Ross Group Companies - Liquidators' 66 Month Report
21 June 2018

A further investor has sought the leave of the Court to be heard in relation to the distribution application on 22 June 2018. A copy of the investor's request for leave to appear, a redacted affidavit in support, a memo from the liquidators in response and a further memo from the investor can be found below.

20 June 2018

The Court has issued a minute in relation to the Distribution Hearing on 22 June 2018. A copy of the minute, a joint submission from counsel in response to the minute and the submissions for Investor

13 June 2018

The Amicus Curiae has filed his submissions with the Court. These can be found below.

21 May 2018

The Liquidators have filed a further affidavit with the Court providing some further analysis on the distribution models. A copy of this, along with the Liquidators' solicitors' submissions, can be found below.

3 May 2018

Further to the Memorandum from Investor A seeking leave to be heard, on 26 April 2018 the High Court has approved the joining of Investor A as a party to the proceedings. A copy of Investor A's application and the response from the Liquidators can be found below.

12 April 2018

The High Court has set a hearing date of 22 June 2018 to consider the Liquidators distribution directions application. More information, including a copy of the Associate Judge's minute can be found in the below documents.

19 March 2018 Distribution application - First memorandum of Amicus Curiae
26 February 2018

The distribution application is being progressed by the counsel assisting the Court and the liquidators' solicitors. Counsel assisting the court was to have reported back to the Court on matters relating to the application by Friday 23 February 2018.   Due to the complexity of the matters being considered, counsel assisting the Court has sought a further three weeks to report back to the Court. The liquidators have agreed to this extension of time. More detail around this can be found in the document below.

Distribution Timetabling - Joint Memorandum and Minute of Johnston AJ

25 January 2018 Result of 12th Liquidation Committee
17 January 2018 Ross Group Companies - Liquidators' 60 month report

2017 - 2012 Updates:

18 December 2017

The Liquidators of the Ross Group have made an application to the High Court to approve a model for distribution of funds held in the liquidation. More information, including a copy of the application, can be found in the below documents.

Letter advising of application

Summary of application

Application by liquidators for directions

Memorandum of counsel in support of initial orders

Memorandum of counsel as proposed Amicus

Redacted affidavit of John Fisk

Minute of Thomas J as to initial orders

Sealed interim orders of the Court
 

1 November 2017 Result of 11th Liquidation Committee
1 September 2017

The Supreme Court has held that in the case of McIntosh v Fisk the liquidators are able to recover interest on the clawback judgment obtained against Mr McIntosh at the rate of 5% per annum calculated from the date of liquidation.

A Summary from the Supreme Court: Hamish Mcintosh v John Howard Ross Fisk and David John Bridgman [2017] NZSC 129

Full Judgment: Hamish McIntosh v John Howard Ross Fisk and David John Bridgman [2017] NZSC 129

12 July 2017 Ross Group Companies - Liquidators' 54 month report
11 July 2017 Result of 10th Liquidation Committee
26 May 2017

The Supreme Court has held that in the case of McIntosh v Fisk the liquidators are able to recover Ross Asset Management Limited (In Liquidation) ("RAM")'s payment of fictitious profits to Mr McIntosh, but are not able to recover repayment of the initial investment, as he has provided fair value for that sum. The effect is that Mr McIntosh is required to repay the fictitious profits to RAM.

The liquidators are reviewing the decision to determine what further action now needs to be taken in relation to other investors who have also received payments of fictitious profits from RAM. An update will be sent to investors shortly in this regard.

A Summary from the Supreme Court: Hamish McIntosh v John Howard Ross Fisk and David John Bridgman [2017] NZSC 78

Full Judgment: Hamish McIntosh v John Howard Ross Fisk and David John Bridgman [2017] NZSC 78

12 April 2017

On 12 April 2014 the Financial Markets Authority obtained the approval of the High Court to bring the receivership of David Robert Gilmour Ross and associated entities to an end. The Receivers' Final Report can be located here:

David Ross - Receivers' Final Report

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.

A summary from the High Court: Priest v Ross Asset Management et al [2016] NZHC 1803

Full Judgment: Priest v Ross Asset Management et al [2016] NZHC 1803

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.

A summary from the Court of Appeal: McIntosh v Fisk [2016] NZCA 74

Full judgement: McIntosh v Fisk [2016] NZCA 74

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 [2015] 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
June 2013 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
March 2013 Result of the first Liquidation Committee Meeting
11 February 2013 Letter to Creditors and Investors - Result of Postal Meeting
February 2013 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)

Appendix II

Appendix III

Appendix IV

Appendix V

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
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