Liquidators appointed to Strategic Finance

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Strategic Finance's trustee Perpetual Trust has appointed liquidators to failed finance company Strategic Finance.

In March receivers were appointed to Strategic, which owed 10,000 debenture holders about $368 million, and 1000 noteholders $22m.

A letter to investors in May showed Strategic's main asset was the net property loan book with a value of $229m.

Yesterday the High Court in Wellington made an order that Corporate Finance's John Cregten and Andrew McKay be appointed liquidators.

Perpetual Trust head of corporate trust Matthew Lancaster said liquidators had broader powers than receivers to investigate transactions in the time leading up to receivership.

Specifically, if there were transactions the liquidators thought were voidable for the period up to two years before liquidation proceedings starting, they could try to have those transactions overturned, Mr Lancaster said.

- NZPA