LDC Finance secured investors to get their money back

Published: Mon 29 Jul 2013 05:24 PM
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 The ruling was under appeal, but has since been withdrawn since the negotiated settlement.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.”
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk

Next in Business, Science, and Tech

Hospitality Wages Jump 9% To Pass Living Wage
By: Hospitality New Zealand
Climate Leaders Coalition Launches New Statement Of Ambition, Appoints New CEO Convenor
By: Sustainable Business Council
New Law Paves Way For Greater Supermarket Competition
By: New Zealand Government
New Data Shows Increase In SMEs Experiencing Stress And Anxiety
Cashing In On Carbon: The New Carbon Marketplace Helping Native Forest To Thrive
By: Carbonz
Entrust Dividend Will Be Welcomed After Another Tough Year
By: Entrust
View as: DESKTOP | MOBILE © Scoop Media