Over 10,000 clients of failed discount broker Access Brokerage look set to be paid in full within days.
Sunday, September 26th 2004, 4:45PM
by The Landlord
Liquidators of Access Brokerage today said they had sent documentation to more than 10,000 of the discount traders' clients which means they can be paid out.
Liquidator Brendon Gibson said in a statement documentation would enable clients to be refunded. Once clients have completed the forms and sent them back, their money should be returned within five working days.
Gibson said two forms had been sent out, in line with legal requirements. Access clients need to fill in one form for the liquidators confirming their personal details and account balances and another form for the Bank of New Zealand, which is underwriting any losses from Access trust accounts held at the BNZ.
"While that may seem complicated, that's the way we had to do it in order to get the money back in people's hands as soon as possible." Gibson said.
