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"):
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.
|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.
|25 January 2018||Result of 12th Liquidation Committee|
|17 January 2018||Ross Group Companies - Liquidators' 60 month report|
|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.
|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.
|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.
|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:
|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|
|15 July 2015||Ross Group Companies Liquidators 5th six monthly report|
|1 July 2015|
|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|
|15 January 2015|
|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|
|14 November 2013|
|15 August 2013||Result of the 4th Liquidation Committee Meeting|
|17 July 2013||Ross Group Companies - Liquidators' first six month report|
|4 July 2013|
|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.
|15 November 2012|
|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|