Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Appointment of receiver of Dominion Finance Group

10 September 2008

Perpetual Trust appointment of receiver of Dominion Finance Group
Moratorium proposal in relation to North South Finance

The directors of Dominion Finance Group Limited (DFG) have been advised by Perpetual Trust Limited, that Perpetual Trust has appointed Rodney Gane Pardington and Barry Phillip Jordan, both Chartered Accountants of Deloitte, as receivers and managers of DFG, rather than allow DFG to put its moratorium proposal to DFG stockholders for approval.

DFG provided Perpetual Trust with all essential terms of its moratorium proposal on 4 September, was at an advanced stage of preparing the necessary disclosure documents, and had wished to present the moratorium proposal to stockholders for consideration at a meeting of stockholders as soon as the trustee had approved DFG doing so.

The directors of DFG do not consider that Perpetual Trust's decision is in the best interest of DFG's stockholders, and are aware that a number of DFG stockholders have contacted the company to ask that they be given the opportunity to vote on the two alternatives.

Covenant Trustee Company Limited, the trustee for North South Finance Limited (NSF), has not appointed a receiver at this time and the directors' expectation is that Covenant will not do so. NSF has provided Covenant with all terms of the moratorium for NSF, and are working constructively with Covenant with a view to finalising disclosure documents and holding a stockholder meeting in late September/early October.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>