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


LDC Finance secured investors to get their money back

LDC Finance secured investors to get their money back

July 29 (BusinessDesk) - Secured investors in failed lender LDC Finance will get their money back plus some interest after the replacement receivers reached a settlement with the firm’s majority owners.

About $4.9 million will be paid to 468 secured investors after LDC’s receivers David Ruscoe and Richard Simpson of Grant Thornton sold the firm’s remaining assets and reached a settlement with Finance & Investments Partnership, an entity operated by LDC’s majority owners Andrew Harding and Murray Schofield.

Simpson and Ruscoe were appointed replacement receivers last year when PricewaterhouseCoopers resigned after a High Court decision awarding $9 million held by LDC to Finance & Investments investors. The ruling was under appeal, but has since been withdrawn since the negotiated settlement.

“This has been a long process for investors, but we are pleased to advise that the 468 secured investors will receive all the capital they invested and partial interest in early September,” the receivers said in a statement. “Our task on behalf of secured investors is now complete.”


© Scoop Media

Business Headlines | Sci-Tech Headlines


Reserve Bank: Monetary Conditions Tighten By More And Sooner

The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.0 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability... More>>

The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>

NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>

Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>

Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>

Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>