Access clients slow to claim money

By NZPA

Thursday 14th October 2004

The liquidators of Access Brokerage said today they have yet to hear from half the people owed money by the failed sharebroker.

Liquidator Brendon Gibson said today in a statement while most of the outstanding claims were small, a handful of clients who had not been in touch were owed up to $70,000.

Money owed cannot be paid out until clients return the necessary paperwork. Two forms need to be filled out - one 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.

Gibson said over the next few days liquidators would be in contact with about 5000 claimants who had not been in touch and would also be placing newspaper advertisements next week urging Access clients to make contact. "We're asking them to e-mail or call us urgently to lodge a claim as we want to get their money back to them as soon as possible," Gibson said.

Gibson said that, by the close of business on Wednesday, 84% of claims by value had been paid out, but only 48% by number.

Access was placed into liquidation on September 6 when a $5 million hole in client funds was discovered.

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