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

 

Bridgecorp Limited (In Receivership & In Liquidation)

27 July 2012

Update regarding Bridgecorp Limited (In Receivership & In Liquidation)

The Receivers of Bridgecorp Limited (In Receivership & In Liquidation) today are pleased to announce a second interim dividend to Bridgecorp's secured investors of $20.6m (4.5 cents in the dollar).

Bridgecorp Receiver, PwC Partner Colin McCloy says, “Payment will be made in the week starting 20 August 2012. This will bring the total distributions to date to eight (8) cents in the dollar.”

The Receivers acknowledge further distributions remain dependent upon the outcome of legal proceedings in respect of the actions of directors and other parties prior to the receivership.

Mr McCloy adds, “With the Financial Market Authority's criminal proceedings against the directors having now concluded, the Receivers' civil claim, which was filed in January 2012, is now proceeding through the Court.”

All documentation in the public domain relating to the Bridgecorp receivership is available on PwC’s website www.pwc.co.nz.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Marsden Pipeline Rupture: Report Calls For Supply Improvements, Backs Digger Blame

The report makes several recommendations on how the sector can better prevent, prepare for, respond to, and recover from an incident. In particular, we consider it essential that government and industry work together to put in place and regularly practise sector-wide response plans, to improve the response to any future incident… More>>

ALSO:

Oil Scare: Trump Authorises Use Of Emergency Crude Stockpile

The New Zealand dollar fell against the US dollar after President Donald Trump authorised the use of the country's emergency crude stockpile after the weekend attack on Saudi Arabia’s major oil facilities. More>>

ALSO:

Pre-Post-Brexit Deal Talks: UK Trade Minister Visits Wellington

New Zealand should get a better deal for exports of sheepmeat, beef and dairy products into the United Kingdom after Brexit, the British Minister of State for Trade, Liz Truss, said in Wellington today. More>>

ALSO:

Not-Very Well: Tamarind Halts Tui Drilling; OMV Assesses Options

Tamarind Resources has halted drilling at its Tui oil field off the Taranaki coast after the first of the three planned wells came up dry. Managing director Ian Angell says that despite the “unexpected” result from the first well, the firm believes the other two prospects are worth pursuing. More>>

ALSO:

Seeking 'Clarity': Crown To Appeal Southern Response Decision, Offers Costs

“It is our intention that the clarity that will come from the outcome of these proceedings will enable the Crown to work with Southern Response to provide a soundly based proactive solution to those people that are affected.” More>>