Online Broking Company Halifax New Zealand has followed its Australian-based parent company into administration within days.
Halifax New Zealand was launched in a voluntary administration yesterday, with partners at Insolvency Specialist Ferrier Hodgson being appointed administrators.
Halifax New Zealand said it will stop trading immediately and all client accounts have been put on "close only" mode.
Morgan Kelly, one of three partners Ferrier Hodgson appointed volunteer administrators, said investors are the primary concern at this time.
"We are conducting an urgent investigation into the business operations and ensure that all stakeholders, creditors, investors and employees are updated with any developments."
The company said administrators were assessing the best next course of action and 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.