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Dominion Finance down

Dominion Finance has, as predicted by Good Returns, been placed into receivership.

Wednesday, September 10th 2008, 7:04AM
NZX-listed Dominion Finance has been placed into receivership.

The trustee for Dominion Finance Group, Perpetual Trust, has appointed receivers to the company.

Perpetual Trust chief executive Louise Edwards, said the decision was reached following an extensive review of the company.

"As part of this decision, we considered a wind-down proposal presented by the company. However, in the case of Dominion Finance Group, we consider receivership to be the preferable course of action as opposed to other alternatives such as a company managed wind-down under a moratorium.

"In particular, debenture holders in Dominion Finance Group will benefit from the statutory powers of receivers to ensure their interests are best protected."

Dominion Finance has 6,055 debenture holders with $224 million invested.

Rod Pardington and Barry Jordan of Deloitte have been appointed receivers.

The receivers will prepare and send debenture holders a report on their initial findings as soon as possible.

For an update on subsidiary North South Finance, click here

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