Liquidators appointed to SCF

MATT NIPPERT
Last updated 15:24 08/06/2012

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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.

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- © Fairfax NZ News

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