Liquidators appointed to eight South Canterbury Finance co's

News release text:

8 June 2012

News Release

Liquidators appointed to eight companies within the South Canterbury Finance Group

John Fisk and David Bridgman, of PwC, have been appointed Liquidators to eight companies within the South Canterbury Finance Group during the afternoon of 7 June 2012. The appointments were made by shareholder special resolutions following approval of the Liquidators’ appointment from the High Court in Wellington. The liquidations are the final step in the insolvency process of the Group following the sale of the remaining non-cash assets to Crown Asset Management Limited on 1 June 2012.

Liquidator Mr John Fisk says, “While it is still early in the process, we will be reviewing the position of the eight companies, and will look to determine the most appropriate way forward in order to maximise returns to creditors.”

Consistent with our obligations under the Companies Act, the Liquidators will provide a statutory report to all known creditors of each company within the next five working days. Creditors that have contracted with the Receivers will remain the responsibility of the Receivers and will be paid by them separately.

“We will look into the events that led to receivership and liquidation of the Group to see if there are any situations where there may be further recoveries available,” adds Mr Fisk.

The Liquidators will continue to provide further updates to creditors as appropriate. The liquidation of the ultimate parent company of the Group, Southbury Group Limited, is expected within the next three months.

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Note to the Editors:
The South Canterbury Finance Group refers to the following companies:
• Southbury Corporation Limited (In Receivership and in Liquidation)
• FCS Loans Limited (In Receivership and In Liquidation) (previously South Canterbury Finance Limited (In Receivership))
• ECAF Limited (In Receivership and In Liquidation) (previously Face Finance Limited (In Receivership))
• Quality Lease Cars Limited (In Receivership and In Liquidation) (previously Flexi Lease Limited (In Receivership))
• Galway Park Limited (In Receivership and In Liquidation)
• ZNH Nominees Limited (In Receivership and In Liquidation) (previously Helicopter Nominees Limited (In Receivership))
• Hornchurch Limited (In Receivership and In Liquidation)
• SCF Hawkes Bay Limited (In Liquidation) (previously Kelt Finance Limited)

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