2015 - 2016

Bank accounts

Transactional account

Ms G was appointed as a liquidator for a company, ABC Ltd. ABC Ltd had provided general security agreements to two banks, one of which Ms G had an account with to run ABC Ltd.

She complained because she thought that this bank unlawfully assigned its security interest to another company and froze the accounts when it was notified by ABC Ltd’s receiver of a funds ownership dispute. At the time, there was legal action going on between the various parties over the priority of asset interests.

Ms G asked our office to determine who owned the bank accounts. We advised Ms G that her complaint would be better dealt with by the courts as it isn’t our role to decide who should rightfully own or operate a disputed account.  For this reason, we had no jurisdiction to investigate Ms G’s complaint.

See our Quick Guide to Stopping and freezing accounts for more information.