van Eyk Research’s administrator has recommended to wind up the research house as talks for the sale of its business assets are ongoing.
Administrator Trent Hancock, from Sydney accountants Moore Stephens, said that the creditors have voted in favor of a motion to liquidate the company. The liquidation aims at generating the best return to creditors.
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The bankruptcy is not intended to affect the sales being separately negotiated for the company’s Australian and New Zealand business assets.
Additionally, Lonsec Fiscal has confirmed its interest in acquiring van Eyk’s iRate business as the administrator moves to wind up the troubled research house.
According to the Moore Stephens report, the NZ group lost about $2m in the 12 months to June this year.
Hancock said that Moore Stephens will conduct an investigation into company affairs, reverse any recent transactions he regards as legally voidable, and submit a report to regulator ASIC.
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By GlobalDataThe liquidation follows a $31m illiquid investment that caused responsible entity Macquarie Investment Management to shut down all but one of the 15 funds in van Eyk’s Blueprint portfolio.
"Once the company is in liquidation there are a number of regulatory requirements in terms of further investigations that must be undertaken by the liquidator,” said Hancock.
"We are working to have this transactions finalized as soon as possible. We are still negotiating and we will update the creditors," a Moore Stephens spokesperson said.
