Scoop has an Ethical Paywall
Five Star Consumer Finance Ltd in receivership
Thursday, 30 August 2007
Five Star Consumer Finance Ltd in receivership
Graham Miller, Managing Director of
Covenant Trustee Company Limited (‘Covenant’), has
advised that the board of directors of Five Star Consumer
Finance Limited (‘Five Star’) has requested Covenant to
appoint receivers to Five Star and its subsidiaries.
Richard Agnew and Anthony Boswell, partners at PricewaterhouseCoopers, have been appointed as receivers.
The board of directors requested Covenant to appoint receivers because of serious concerns as to the state of the debenture market and the ability of Five Star to attract new funds and retain existing investments. After consultation with Five Star’s auditors and advisers, the board of directors reluctantly concluded that Five Star was unable to operate in this market.
A dedicated page on the PricewaterhouseCoopers website is being set up at http://www.pwc.com/nz/fivestarfinance and this will be updated as information comes to hand. In addition, a dedicated phone line (09) 355 8855 has also been established for any investor or creditors who have an enquiry relating to Five Star.
ENDS
NIWA: Ship Anchors May Cause Extensive And Long-lasting Damage To The Seafloor, According To New Research
New Zealand Customs Service: A Step Forward For Simpler Trade Between New Zealand And Singapore
Horizon Research: 68% Say Make Banks Offer Fraud Protection
NZ Banking Association: Banks Seek Government Support For Anti-Scam Centre
National Road Carriers: Praises NZTA State Highway Investment Proposal Turnaround
Greenpeace: Cameras Reveal Mass Underreporting Of Dolphin, Albatross And Fish Bycatch By Commercial Fishing Industry
