Online broking firm Halifax New Zealand has followed its Australian-based parent company into administration within days.
Halifax New Zealand was placed into voluntary administration yesterday, with partners at insolvency specialist Ferrier Hodgson being appointed administrators.
Halifax New Zealand said it will cease trading immediately and all client accounts have been placed on "close only" mode.
Morgan Kelly, one of three partners Ferrier Hodgson appointed voluntary administrators, said investors are the primary concern at this time.
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"The investors are our primary concern at this time. We are conducting an urgent investigation into the business operations and will ensure all stakeholders, creditors, investors and employees, are updated of any developments."
The company said administrators were assessing the best next course of action and will be focusing on the best outcome for investors.
Kelly said a creditors meeting will be held on December 7, 2018.
According to the Australian Securities and Investments Commission, partners at Ferrier Hodgson were also appointed administrators of Halifax Investment Services in Sydney on November 23.