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Receivers Appointed To Capital + Merchant

Receivers Appointed To Capital + Merchant

Tim Downes and Richard Simpson of Grant Thornton, chartered accountants, have today been appointed as receivers of Capital + Merchant Finance Limited and Capital + Merchant Investments Limited by Fortress Credit Corporation (Australia) 11 Pty Limited.

The receivers have been appointed due to breaches in respect of General Security Agreements issued by the companies in favour of Fortress, says Grant Thornton.

The Capital + Merchant companies predominantly lend to the property and property development sector.

According to Grant Thornton, the current state of the debenture market has meant that the ability of the companies to attract new funds and retain existing investments has been significantly constrained, leading to the companies being placed in receivership.

A dedicated page on the Grant Thornton website is being set up at www.grantthornton.co.nz/capitalmerchantfinance and this will be updated as information comes to hand. In addition, a dedicated phone line (09 308 2970) and e-mail address (capitalmerchantfinance@gtak.co.nz) have also been established for any investors or creditors who have an enquiry relating to the companies.

ENDS

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