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Failed Finance Companies

Ross saga may hit apartment sales

The collapse of Ross Asset Management, which snared more than 900 investors in a suspected Ponzi scheme, looks to have spilled over into Wellington’s high-end apartment sector. Three independent sources have told The Dominion Post at least 10 people who put down deposits for properties on yet-to-be built developments will …

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Australia-based C + M directors plead guilty

Capital + Merchant Finance directors Robert Sutherland and Colin Ryan have both pleaded guilty to charges of making untrue statements in offer documents and will be sentenced in Auckland next month. The Australia-based pair admitted two charges of making an untrue statement in a registered prospectus and one charge of …

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SFO lays 92 charges against Rockforte Finance directors

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. …

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Mark Hotchin does deal with IRD over failed forestry investment

Former Hanover Finance boss Mark Hotchin cut a deal with the tax department after an audit of one of his forestry investments forced him to wind up the companies involved. Hotchin’s MSH Forests and subsidiary DF Forestry Holdings shut up shop in December after the investment companies failed following the …

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ESTUARY INVESTMENTS LIMITED

On the 23 Nov 2011 ESTUARY INVESTMENTS LIMITED was put into Receivership. Companies Office records list Leon Carl BURKE of Auckland as Director/s: The Receiver is: Craig YOUNG and Raymond BURGESS – RESTRUCTURING SERVICES LIMITED Po Box 87 340, Meadowbank, Auckland Phone: 09 525 7236 Receiver reports: First Report due …

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St Clair developer’s companies forced into receivership

Receivers of South Canterbury Finance receivers have forced three companies of St Clair developer Stephen Chittock into receivership over a $1.5 million debt – just days after they were placed into voluntary administration. Read the full article on line >>> Otago Daily Times New Zealand Companies office records show: SUNBAY …

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Kevin Podmore’s guarantee called in

Kevin Podmore has been given three months to come up with $20 million to help repay investors in his failed Wellington finance company, St Laurence, or face possible bankruptcy. St Laurence was put in receivership in April last year owing 9400 investors $245m plus interest. Podmore and three companies he …

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National Finance’s Ludlow guilty of theft, false accounting

Trevor Ludlow, the former director of failed lender NATIONAL FINANCE 2000 LIMITED, has been convicted of theft and false accounting charges brought by the Serious Fraud Office. Ludlow was found guilty of six charges relating to theft by a person in a special relationship and false accounting, having earlier pleaded …

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Unhappy Western Pacific creditors left out in cold

WESTERN PACIFIC INSURANCE LIMITED creditors won’t be able to quiz directors and liquidators of the crashed Queenstown insurer. “A creditors’ meeting is not going to provide any further information and [will] add significant cost and the benefit will be negligible,” says iquidator Simon Thorn. An extract from an article published …

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