About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Monday, November 18th, 7:42PM
Latest Headlines

Receiver still untangling OPI Pacific's position

OPI Pacific receiver Colin McCloy of PricewaterhouseCoopers has told investors he is unable to give an estimate on how much money he will be able to claw back for them as he continues to untangle the failed finance company's books.

Monday, May 10th 2010, 9:26PM

by Paul McBeth

In a letter to investors, McCloy said the "complexity of the receivership, the various claims being pursued and the investigations being carried out by the receivers, (made) it extremely difficult to estimate the return to secured debenture holders." The company formerly known as MFS Pacific paid out 22.19 cents in the dollar under the terms of its moratorium arrangement, but was sent to the receivers last September.

"We are continuing to progress potential claims and our investigations into the affairs of OPI Pacific Finance and are making every attempt to maximise the return to secured debenture holders," McCloy said. "Further time is required to continue the various claims and our investigations before we will be in a position to provide investors with an estimated return."

OPI Pacific had, as at August 31, a net $33.3 million on its loan book, and $20.9 million in respect to a loan to a related company, though McCloy said the companies mainly held second or third ranking mortgages.

McCloy said he had submitted claims in the liquidations of Octaviar, the company's Australian parent, which agreed to cover losses relating to OPI Pacific loans under a put option, and he is waiting to receive confirmation that these have been admitted for the purpose of paying a dividend.

Paul is a staff writer for Good Returns based in Wellington.

« The news gets worse for Nathans Finance debenture holdersTaxpayers bail out another finance company »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • When is a client really a client?
    “And this subtle upgrade to the understanding of a complaint. Which changes the ISO definition from an expression of dissatisfaction...”
    10 hours ago by JPHale
  • When is a client really a client?
    “Just released additional standards from the FMA. Record keeping potentially until 7 years after the death of the life...”
    10 hours ago by JPHale
  • When is a client really a client?
    “@ReganT interesting that the two life advisers involved with the code working group discussion are the ones being argued...”
    15 hours ago by JPHale
  • When is a client really a client?
    “In a previous reply I responded to the concept of payment as a trigger. I actually agree it’s not. While we don’t often...”
    1 day ago by regant
  • When is a client really a client?
    “Tash are you being deliberately obtuse? I didnt say you have to keep sending/giving disclosure every year, I said you have...”
    1 day ago by regant
Subscribe Now

Deposit Rates newsletter

Previous 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%


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