19 Jul 2019
THE FINANCIAL MARKETS AUTHORITY v FINANCIAL PLANNING LTD [2019] NZHC 1709 [19 July 2019]
- Citation
- [2019] NZHC 1709
- Court
- High Court
The FMA had standing and the affidavit evidence disclosed a compelling prima facie case of insolvency and misapplication of client funds with real and urgent risk to assets and investors; those circumstances justified dispensing with an undertaking in damages and appointing interim liquidators without notice under s246(1) to protect and investigate the companies' assets and client funds.