Company in alleged ponzi investigation liquidated

November 24, 2016 | By More

Court House-07A company being investigated by the Serious Fraud Office as a possible ponzi scheme has been placed in liquidation in the High Court at Christchurch.

The order liquidating Hansa Ltd was made today by Associate Judge Rob Osborne at a list court hearing commercial cases.

The Serious Fraud Office and the Financial Markets Authority said in July they were investigating Paul Clifford Hibbs and his company, Hansa.

Stuff reported last month that investors had been told that at least $20 million was missing from the company, which was thought to be a significant ponzi scheme.

Brent Norling, of Auckland, appeared for parties today seeking liquidation of Hansa Ltd, which was not represented at the hearing.

Judge Osborne considered whether he could make the order or would have to hold a formal proof hearing, or consider affidavits presented to the court.

After the hearing was delayed to consider these points, Mr Norling made submissions that the judge could order the liquidation on the basis of material before the court.

He said the order could be made on the basis that the company was unable to pay its debts, and on “just and equitable grounds”.

Judge Osborne accepted that and made orders liquidating the company, appointing two liquidators, and ordering costs and disbursements for the principal creditor and three other supporting creditors.

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