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LDC related business fails

A finance business related to LDC, Finance and Investments, has gone into receivership.

Thursday, September 6th 2007, 10:04PM
The Nelson-based firm is the fifth finance company to go into receivership in about a fortnight.

The firm, which specialises in car finance, was placed in receivership by its principals Andrew Harding and Murray Scholfield, owing 370 investors $16 million.

The company says following LDC's receivership it "is now no longer able to obtain the funding it requires to continue in business."

PricewaterhouseCoopers partners John Fisk and Malcolm Hollis have been appointed receivers of both LDC and Finance and Investments.

Fisk says, in the Nelson Mail, that Finance and Investments is not a finance company, rather it is a partnership.

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