About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, July 1st, 4:56PM
rss
Latest Headlines

Morningstar on the brink of liquidation

Friday, November 23rd 2001, 8:55PM
Morningstar Australia chief executive Graham Rich has challenged his dismissal by the group’s US parent, Morningstar Inc, in a move that could result in Morningstar Australia being placed into provisional liquidation.

In the NSW Supreme Court equity division on Friday Rich sought to amend an interlocutory injunction, already lodged with the Court in an attempt to block his dismissal, that would allow him to stay as chief executive even though it would result in Morningstar Australia being placed into voluntary liquidation.

A report into Morningstar Australia’s finances by accounting group Ferrier Hodgson released in the Court indicated the group would fall into provisional liquidation without an urgent injection of cash.

But Morningstar Inc announced to the Court that it was willing to inject more funds into Morningstar Australia only if Rich steps down as chief executive. However, Morningstar Inc did indicate it was prepared to rescue the group while keeping Rich on its board as a director.

Presiding over the case today Justice Barrett said he would grant leave to allow the amendments to be made to Rich’s interlocutory injunction.

Rich initially lodged the injunction after claiming Morningstar Inc, as majority shareholder, had acted in an “oppressive manner” by insisting on Rich’s dismissal.

Rich’s counsel, Robert Ellicott QC, alleged today that Morningstar Inc had acted in an oppressive manner by not giving Rich his legally-required 30 days notice for dismissal.

Ellicott also alleged that Morningstar Inc orchestrated Rich’s dismissal in a “mini” directors’ meeting where Rich and a number of other directors were not present.

The Court case is continuing.


Source: Money Management
« Burglars break into leading fund manager's officeSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Associations expecting 'yes' vote
    “how about; the vision of Advice NZ is to help the NZ public find out where they can find financial advisers they can trust,...”
    9 hours ago by blogger billy
  • FMA says commission drives churn
    “our big problem Google Elizabeth Warren and read all about revolving doors It happens in NZ with our politicians,...”
    10 hours ago by blogger billy
  • FMA says commission drives churn
    “@ Donald - a succinct assessment of Naomi's contribution to this discussion, especially given it was she who slammed Trowbridge...”
    10 hours ago by Majella
  • FMA says commission drives churn
    “On just reading comment by Naomi Ballantyne of Partners Life, her balanced opinion both in support of the FMA in part and...”
    12 hours ago by Donald
  • Minister says no commission ban
    “Totally sensible. Banning commissions would just move advisers into selling roles (employed "advisers" only able to sell...”
    14 hours ago by Tash
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.64 4.75 4.85 4.99
ANZ Special - 4.25 4.35 -
ASB Bank ▲5.65 4.69 4.75 4.89
ASB Bank Special - 4.25 ▲4.29 ▼4.34
BankDirect ▲5.65 4.69 4.75 4.89
BankDirect Special - 4.25 ▲4.29 ▼4.34
BNZ - Mortgage One 6.30 - - -
BNZ - Rapid Repay 5.75 - - -
BNZ - Special - 4.25 4.19 ▲4.49
BNZ - Std, FlyBuys 5.69 4.85 4.89 4.99
BNZ - TotalMoney 5.69 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 ▼4.75 ▼4.89
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.45 4.70 4.75 4.49
Kiwibank - Capped - - - -
Kiwibank - Offset 5.50 - - -
Kiwibank Special - 4.29 4.15 -
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.85 4.69 4.75 4.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 ▲4.19 4.39
Perpetual Trust 7.70 - - -
Resimac 5.34 4.95 4.99 5.05
SBS Bank 5.59 4.75 4.89 4.99
SBS Bank Special - 4.10 4.19 4.65
Sovereign 5.65 4.69 4.75 4.89
Sovereign Special - 4.25 ▲4.29 ▼4.34
The Co-operative Bank 5.45 4.25 4.29 4.49
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.79 4.85 4.99
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.25 4.29 4.49
Median 5.75 4.69 4.75 4.89

Last updated: 1 July 2016 8:34am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com