Liquidators appointed to SCF

Last updated 15:24 08/06/2012

Relevant offers


'Unaffordable' Auckland forces teacher out How to make your Lotto windfall last Auckland Council warns of credit card scam after woman falls victim Lotto winner complains to tribunal over real estate deal gone sour Landlords to offer long-term tenancies? The true cost of having a decent shot at Lotto is high A $27m Lotto jackpot has been won by a handful of Kiwis before - what did they do? KiwiSaver funds top $35 billion for first time, Morningstar says ANZ economists warn caution warranted in hot housing market BNZ customers hit by five-hour online outage

The last rites for South Canterbury Finance have drawn nearer after liquidators were appointed to the collapsed finance company.

John Fisk and David Bridgman of PricewaterhouseCoopers were today appointed to liquidate eight companies in the SCF group.

Last week the government nationalised the remaining ''bad bank'' assets into Crown Asset Management, a government company formed to hold toxic debt from failed finance companies covered by the government guarantee scheme.

The appointment of liquidators is expected to end with the former Timaru lender being struck from the companies register.

Fisk said in a statement he would be examining accounts to determine if further recoveries were possible.

''While it is still early in the process, we will be reviewing the position of the eight companies, and will look to determine the most appropriate way forward in order to maximise returns to creditors,'' he said.

The collapse of SCF led the government to pay out $1.7 billion of taxpayer money to investors, and Treasury expects the final shortfall to taxpayers after all assets are realised to exceed $1b.

Ad Feedback


Special offers

Featured Promotions

Sponsored Content