Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


$18.5 million settlement for Capital + Merchant Finance

Media release

26 June 2014: 2.00pm

$18.5 million settlement for Capital + Merchant Finance

The Insolvency and Trustee Service (a business unit within the Ministry of Business Innovation and Employment) today announced it has successfully finalised a settlement agreement for $18.5 million.

The settlement represents a full and final settlement of all claims by the liquidator of Capital + Merchant Finance against BDO Spicers (the previous auditors) arising out of the audits of Capital + Merchant Finance's financial statements for the years ended 31 March 2006 and 31 March 2007. It is made without any admission of liability on the part of BDO Spicers.

Les Currie Official Assignee at Hamilton and liquidator of Capital + Merchant Finance Limited (In Receivership and In Liquidation) says the agreement with BDO Spicers settles a long standing civil claim as instigated by the liquidator. The settlement was reached after assessment of the risks and benefits of litigation and the associated costs.

“This milestone represents a significant settlement in this matter for the ultimate benefit of the investors in the company - several thousand public investors who purchased secured debenture notes”.

“It was achieved after rigorous negotiations and consultation. My team of insolvency personnel, experts, and legal counsel have all worked diligently to ensure the best possible outcome for the company and its investors,” says Mr Currie.

[ends]

Background:

Capital + Merchant Finance Limited was placed into receivership on 23 November 2007 with the appointment of Timothy Downes and Richard Simpson of Grant Thornton as Receivers. A second receivership also commenced on 29 November 2007 with the appointment of Grant Graham and Brendon Gibson of Korda Mentha as Receivers. The first receivership was concluded on 21 March

2012 and the second receivership continues. The Official Assignee was appointed liquidator of the company on 15 December 2009 on the petition of the Registrar of Companies.

Three former directors of C+M (Nicholls, Douglas and Tallentire) were convicted of offences under the Crimes Act and the Securities Act as a result of prosecutions by the Serious Fraud Office (SFO) and the Financial Markets Authority (FMA). They received total prison sentences of between six and eight and a half years’ imprisonment. Two of the directors (Ryan and Sutherland) were ordered to pay reparation totaling $160,000.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: A Govt. Christmas Bad News Dump -The Skycity Convention Center Blowout & A Negative MBIE Review

If the government really did have good tidings of great joy you can bet it wouldn’t be strewing them about at Christmas time – which is, traditionally, the dumping ground for terrible news that the government fervently hopes the public will be too distracted to notice. And so verily this Christmas Eve we learn of (a) the explosion of costs to the taxpayer and ratepayer of the vile SkyCity convention centre in Auckland and that (b) the government’s flagship MBIE “super-ministry” run by its Minister of Everything is a disaster zone of incompetence and mismanagement. MBIE is a Titanic looking for an iceberg, or so it would seem. More>>

 

Parliament Adjourns:

Greens: CAA Airport Door Report Conflicts With Brownlee’s Claims

The heavily redacted report into the incident shows conflicting versions of events as told by Gerry Brownlee and the Christchurch airport security staff. The report disputes Brownlee’s claim that he was allowed through, and states that he instead pushed his way through. More>>

ALSO:

TAIC: Final Report On Grounding Of MV Rena

Factors that directly contributed to the grounding included the crew:
- not following standard good practice for planning and executing the voyage
- not following standard good practice for navigation watchkeeping
- not following standard good practice when taking over control of the ship. More>>

ALSO:

Gordon Campbell:
On The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other… More>>

ALSO:

Werewolf Satire:
The Politician’s Song

am a perfect picture of the modern politic-i-an:
I don’t precisely have a plan so much as an ambition;
‘Say what will sound most pleasant to the public’ is my main dictum:
And when in doubt attack someone who already is a victim More>>

ALSO:

Flight: Review Into Phillip Smith’s Escape Submitted To Government

The review follows an earlier operational review by the Department of Corrections and interim measures put in place by the Department shortly after prisoner Smith’s escape, and will inform the Government Inquiry currently underway. More>>

ALSO:

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news