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Nathans receivership confirmed

PricewaterhouseCoopers partners have been appointed as receivers to Nathans by the finance company's trustee, Perpetual Trust.

Tuesday, August 21st 2007, 1:42PM
PricewaterhouseCoopers partners John Waller and Colin McCloy have been appointed as receivers to finance company, Nathans Finance.

Initial information supplied by the company indicates Nathans Finance was holding deposits of $166 million on behalf of 7000 investors, and had a loan book comprising a total of $170 million.

Receiver Colin McCloy stressed that these figures were based on information provided by Nathans.

"We haven't had a chance to verify the numbers independently yet. We'll continue to assess and analyse the financial position of the company over the next few days with a view to determining the realistic value which depositors can expect to recover. Once we have that information we can provide an indicative level of what investors can expect to recover, and also an indicative timeframe of when that recovery might be made."

Receivers were appointed as Nathans was unable to rectify a breach of the deed setting out the requirements it must abide by when reinvesting investors' funds.

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