by Jenny Ruth
NZF Money's parent, the listed NZF Group, put it into receivership on July 22. NZF Money's last prospectus showed $19 million of the loans were past due at June 30.
"We are continuing to review the loan book and have commenced the process of collection of outstanding loans,” the receivers say in their first statutory report.
"We note, however, that several loans of significant size have already been subject to previous restructuring and, in many cases, valuations for security properties are well out of date. These factors logically give rise to concerns that there will be a material level of impairment on the loan book," they say.
Debentureholders were owed about $16.4 million at the date of the receivership, they say – this is down from the $18 million at June 24 shown in the last prospectus. The receivers don't express a view on how much debentureholders are likely to recoup.
However, they do say unsecured creditors before any claim from the Inland Revenue Department were owed about $115,000, are unlikely to receive any return.
"We note that we have received cooperation from the company's directors," the receivers say.
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