Failed New Zealand finance company Hanover's secured investors could be repaid little more than half their capital under a five-year moratorium proposal put forward by the company yesterday, according to two independent reports, The Dominion Post reported today. The company's expectations to repay secured investors all their principal were too optimistic and there was a risk that lower-ranked investors, facing the prospect of losing all their money, could instead try to force the company into liquidation, independent evaluation reports show. Hanover confirmed yesterday it planned to repay its 16,375 secured investors their principal of $527 million over the next five years after it defaulted on repayments on July 3. Owners Eric Watson and Mark Hotchin would put up $96 million in cash and property assets to support the moratorium. PricewaterhouseCoopers considered the moratorium offered secured investors their best chance of recovering their capital compared with receivership. Investors will vote on the moratorium at a meeting in Auckland on December 9. Read more.