Receivers for failed New Zealand broker Herbert Insurance expect to end the receivership late next month or early in January.

Herbert collapsed in March last year and its 4000-strong client book was sold to Aon, with settlement due in August this year.

The latest liquidator’s report says agreement on the purchase price has yet to be finalised, but the receiver appointed by secured creditor ASB Bank expects this to be settled shortly and to then terminate his appointment.

Corporate Finance liquidator Andrew McKay says he has been working with insurers to finalise entitlement to funds held in trust accounts, which brokers had paid in for clients.

“In the absence of funding, the liquidators will not be pursuing actions that would not result in a monetary benefit to the company’s creditors.”

Mr McKay says he cannot give a date for when the liquidation might end.

Company founder Grant Herbert faces charges relating to theft and forgery following an investigation by the NZ Serious Fraud Office.

There will not be enough money to meet all ASB’s debt, so other creditors will receive nothing.