Customers of failed kitchen company Kitchen House appear to have little hope of receiving their new cabinets and benchtops, or their money back.

Kitchen House closed its doors on Monday morning and laid off all staff but was not responding to calls from customers, some owed thousands of dollars.

Read the full article on line >>> stuff.co.nz

A chain of kitchen stores associated with failed furniture maker Criterion has stopped trading.

National chain company Kitchen House fired its staff by email on Monday morning, ordering them to lock up and leave the premises.

Read the full article on line >>> stuff.co.nz – Dominion Post

The Serious Fraud Office has laid a total of 92 criminal charges against the three directors of failed Gisborne finance company Rockforte Finance, which collapsed with deposits guaranteed by the Crown retail deposit guarantee scheme and whose receivership is likely to cost the taxpayer the thick end of $3.5 million.

Read the full article on-line >>> NZ Herald – nzherald.co.nz

Litigation involving the biggest alleged corporate fraud in New Zealand’s history is to begin in the South Island on Monday.

Serious Fraud Office charges against five people involved with Timaru-headquartered South Canterbury Finance is scheduled to start at 9am but the public might not be much wiser at the end of the day.

Read the full article on line >>> NZ Herald – nzherald.co.nz

Financial Markets Authority boss Sean Hughes has cancelled Christmas leave so he can finalise the FMA’s investigation into the Hanover Finance group and file civil proceedings within the first two months of 2012.

Read the full article by Fran O’Sullivan on line >>> NZHerald – nzherald.co.nz

Click Search to view comprehensive media coverage on Hanover Finance, the result being the chronology of events to this point:
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From next year, a lot more businesses are likely to go under as banks lose patience with waiting to get back what they are owed, Ernst & Young insolvency practitioner Rhys Cain says.

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More than $30 million is owed to creditors by POUNAMU PRIME LIMITED, a company owned by bankrupt developer Dan McEwan, with the prospect of any dividend listed as “unlikely”, the first liquidator’s report said.

Read the full article on line >>> Otago Daily Times – odt.co.nz

A long-awaited parliamentary report into finance company failures has recommended fast-tracking a bill making it easier for out-of-pocket investors to take class actions.

Read the full article on line >>> stuff.co.nz

Hundreds of Nelsonians have lost their life savings in the dodgy dealings of finance companies over the past decade. The Government’s response has been to hold to account those who breached the existing law and to reform the sector to better protect investors from reckless behaviour for the future.

Read the full article on line >>> Nelson Mail – nelsonmail.co.nz

The Serious Fraud Office case against two current directors and one former director of failed finance company Capital + Merchant has been adjourned to later this month when two of the accused are expected to enter not guilty pleas.

Read the full article on line >>> NZHerald – nzherald.co.nz