New Zealand

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Dunedin Sawmill In Receivership

A sawmill company with about 400 employees and about $100 million in annual sales has been placed in receivership, Stuff.co.nz reported. Brendan Gibson and Michael Stiassny, of KordaMentha, were this afternoon appointed as receivers of Dunedin-headquarte ...

Daily Headline - global.abi.org - 03/03/2014 - 22:47 - 0 comments

Lombard Case Dropped - $10 Million Settlement Reached

The Financial Markets Authority has dropped civil proceedings against four Lombard directors as the failed finance company's receivers have reached a $10 million settlement with the men, their insurers and an unnamed "third party", The N ...

Daily Headline - global.abi.org - 02/23/2014 - 23:20 - 0 comments

Ross Asset Liquidators Look To Claw Back $3.8 Million Paid Out To Three Investors

The liquidators for the Ross Asset Management group of companies found to be a Ponzi scheme are in talks with three former investors over about $3.8 million of payments they received in the two years leading up to the group's eventual collapse last ...

Daily Headline - global.abi.org - 12/19/2013 - 23:33 - 0 comments

Jasons Travel In Receivership

NZAX-listed tourism marketing company Jasons Travel Media has suspended trading after being placed in receivership and breaching stock exchange listing rules, The Dominion Post reported. The company, which distributes travel information in print and ...

Daily Headline - global.abi.org - 12/02/2013 - 01:21 - 0 comments

English Tackles LVR Critics

A fall in the number of first-home buyers in the housing market is an issue in Australia as well, which suggests rising prices are to blame, rather than the Reserve Bank's mortgage restrictions, says Finance Minister Bill English, The New Zealand ...

Daily Headline - global.abi.org - 11/19/2013 - 00:22 - 0 comments

David Ross Gets 10 Years, 10 Months Jail

The man behind what is thought to be New Zealand's largest Ponzi scheme has been sentenced to 10 years and 10 months in prison, The New Zealand Herald reported. Wellington financier and former head of the Ross Asset Management group, David Ross, ...

Daily Headline - global.abi.org - 11/14/2013 - 22:42 - 0 comments

Dairy Sector Highly Indebted, Vulnerable

New Zealand's dairy sector is still highly indebted and vulnerable to a fall in record high commodity prices and rising interest rates, according to the Reserve Bank, The New Zealand Herald reported. High levels of agricultural debt, which is he ...

Daily Headline - global.abi.org - 11/12/2013 - 22:35 - 0 comments

Solid Energy Secures Restructuring Deal With Banks

Solid Energy has secured its restructuring deal with most of its banks and the Government following a series of meetings today in Christchurch, The New Zealand Herald reported. The state owned coal miner said it received "majority support" ...

Daily Headline - global.abi.org - 10/22/2013 - 17:48 - 0 comments

Tachikawa In Breach Of Bank Covenants Ahead Of Receivership

Tachikawa Forest Products (NZ), the owner of the Rotorua sawmill tipped into receivership last week, was in breach of its banking covenants for the past two years, and had its 2012 accounts tagged by auditors over a working capital deficit, Scoop.co.nz r ...

Daily Headline - global.abi.org - 10/21/2013 - 22:05 - 0 comments

Solid Energy Court Challenge Likely To Fail

A move by the Bank of Tokyo to challenge the Solid Energy debt restructuring deal could backfire, leaving the bank being owed even more money, says Finance Minister Bill English, The New Zealand Herald reported. A debt restructuring process aimed at ...

Daily Headline - global.abi.org - 10/16/2013 - 22:36 - 0 comments

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