Apple Fields has described Tower Trust's decision to appoint receivers to companies involved in the Rural Super Bonds Scheme as "astounding".
Because Apple Fields had defaulted on interest payments last year the Rural Super Bonds Scheme, which has 1300 investors, is being wound-up by Tower Trust.
Tower Trust late last week appointed either receivers or a property manager to 68 Apple Fields' subsidiary companies, which each own a share of the eight properties over which the scheme has security.
The move was taken because Apple Fields was thwarting the wind-up process and refusing to co-operate, Tower Trust managing director Jim Minto says.
However, Apple Fields managing director Tom Kain says the process was progressing well and was ahead of schedule. He says Apple Fields is prepared to fight the receivership, however in the interim it is putting a compromise proposal to Tower Trust.
Savings rate OK
"When business sector saving and government saving are added to household saving...New Zealand compares much more favourably," Retirement Commissioner Colin Blair says.
Copies of the report are freely available from the Office of the Retirement Commissioner. To order your own copy click here.
NZers increase their debt levels
New Zealand household net worth fell by $1.2 billion (-0.5%) to $255 billion in aggregate over the quarter ended June 1999, according to the latest WestpacTrust Household Savings Indicators.
This compares with consecutive increases in net worth previously recorded in the December and March quarters.
Financial net worth, which excludes housing assets and liabilities, actually rose by a modest $160 million, or 0.2 percent, to $97.6 billion. This represents 38% of total net worth, including housing assets and liabilities.
New Zealand households have continued to borrow heavily during the latest quarter in order to finance houses and other purchases, NZIER director Alex Sundakov says.
However, unlike in previous quarters when net worth rose, gains in house values and share prices have not been sufficient in this quarter to offset the higher indebtedness.
For the third quarter in a row, new household borrowing has increased by more than $1.5 billion, bringing the annual increase to almost $5.5 billion, a 9.4% increase over the year.
This week
Calan Healthcare Properties Trust unitholders decide today (Monday) whether or not the trust should be listed on the New Zealand Stock Exchange. The special meeting will be held at the Ellerslie Convention Centre starting at 2.30pm.
Coming soon - A Super New Page!
A new section will soon be added to Good Returns focussing on the Superannuation debate. Super mightn't be the sexiest of topics, however it is a major issue facing New Zealanders and it will be one of the big issues in the election this year. Good Returns' Super Page will be a focal point for the debate. Watch out for more details soon.
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