The Tauranga-based company went into receivership on August 3 last year, owing more than $48 million to investors.
It had stopped granting new loans in June after the supply of funding from retail investors dried up.
The receivers sold a substantial portion of Western Bay's loan book to Finance Now, a Southland Building Society subsidiary. The loans had a face value of $30m and were sold for nearly $28m.
Western Bay was the third finance company collapse that year following Provincial Finance and National Finance 2000.
« Geneva survives meeting vote | Fidelity says interest payment maybe postponed » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved