tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, April 3rd, 8:04AM

Investments

rss
Latest Headlines

Receivership better ending for Kiwi Finance: Trustee

Kiwi Finance, the little New Plymouth-based finance company which fell over at the end of last week, owed $2 million to 41 debenture holders.

Monday, April 21st 2008, 7:08PM
The trustee for the company, Perpetual Trust, says receivership was the best option for the company because of the size of its non-performing loan book.

Perpetual Trust chief executive Louise Edwards says another problem was that the cash within the company was insufficient to meet debenture repayments. She says Kiwi has been winding down its loan book for some time, but has now defaulted on repayment of investors' money.

Edwards says she was disappointed with a statement put out by Kiwi's directors over the weekend.

It appears Kiwi's directors wanted a moratorium, but Perpetual said no.

Edwards says. Kiwi Finance's proposed moratorium was given careful consideration.

"We worked very closely with the company to investigate all avenues to ensure the best outcome for debenture holders.

The moratorium option was given due consideration." "Ultimately, given the extent of the non-performing loans, a moratorium was not appropriate in this case and Kiwi Finance was placed into receivership."

« Hanover's rating reconfirmedBluestone offer for Geneva frustrated »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • Advisers 'will drop out'
    “@gavin austin - actually our focus is on getting Advisers to ask their existing customers "What can we do to help you?"...”
    11 hours ago by Andrew Scott GM Newpark
  • Advisers 'will drop out'
    “Interesting comments Andrew. I take it from your comment about Dgs being worth their salt that you've provided your members...”
    13 hours ago by gavin austin adviser business compliance
  • AML flexibility offered
    “AML flexibility is great and well received. What are the law society and the JP organisation doing to find ways to reduce...”
    14 hours ago by Tony Walker
  • Advisers 'will drop out'
    “@Fred Dodds - with respect, focusing on your Level 5 qualification, or for that matter your transitional FAP licence, is...”
    17 hours ago by Andrew Scott GM Newpark
  • Covid withdrawals possible 'but not always desirable'
    “Very few of us have any idea what facing homelessness and potentially starvation (literally and figuratively) is like. As...”
    17 hours ago by Chris Hardcastle
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com