Receivers to Dominion Finance Group Limited
9 September 2008
Perpetual Trust appoints Receivers to Dominion Finance Group Limited
The trustee for Dominion Finance Group Limited - Perpetual Trust - has appointed receivers to the company.
Perpetual Trust Chief Executive Louise Edwards, said the decision was reached following an extensive review of the company.
"As part of this decision, we considered a wind-down proposal presented by the company. However, in the case of Dominion Finance Group, we consider receivership to be the preferable course of action as opposed to other alternatives such as a company managed wind-down under a moratorium.
"In particular, debenture holders in Dominion Finance Group will benefit from the statutory powers of receivers to ensure their interests are best protected."
Dominion Finance has 6,055 debenture holders with $224 million invested.
Rod Pardington and Barry Jordan of Deloitte have been appointed receivers.
The receivers will prepare and send debenture holders a report on their initial findings as soon as possible.
Further information for debenture holders will be available at www.deloitte.com/nz/Dominion or by phoning 09 306 4343.