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NZ finance company collapses (2006–2012)

Page last updated: 17 May 2019

Since 2006, 51 New Zealand finance companies have either gone into liquidation or receivership, or frozen payments. Many New Zealanders lost their money.

The scale and circumstances of the sector gave rise to concerns of inappropriate behaviour and breaches of the Securities Act and a programme of investigations into the failures was initiated.

Below is the list of the failed finance companies.

No. Company Event Date of event
1 Belgrave Receivership 1/05/2008
2 Bridgecorp Receivership 1/07/2007
3 Bridgecorp Investments Liquidation 1/07/2007
4 Capital + Merchant Liquidation 1/11/2007
5 Dominion Finance Receivership 1/09/2008
6 Five Star Consumer Finance Receivership 1/08/2007
7 Five Star Finance Receivership 1/09/2007
8 Hanover Capital Moratorium 1/07/2008
9 Lombard Finance Receivership 1/04/2008
10 Nathans Finance Receivership 1/08/2007
11 National Finance Receivership 1/05/2006
12 North South Finance Moratorium 1/12/2008
13 South Canterbury Finance Receivership 1/08/2010
14 United Finance Moratorium 1/07/2008
15 OPI Pacific Finance Moratorium 1/03/2008
16 Mutual Finance Receivership 1/07/2010
17 Viaduct Capital Receivership 1/05/2010

Referred to another regulator, concluded with another enforcement option or closed

No. Company Event Date of event Status

18

Allied Nationwide Finance

Receivership

August 2010

Closed, warning letter issued to directors

19

Antares

Liquidation

May 2008

Referred to another regulator *#

20

Equitable Mortgages

Receivership

November 2010

Closed ##

21

Irongate Property Limited

Receivership

May 2011

Closed ##

22

Provincial Finance

Receivership

May 2006

Referred to another regulator *

23

Western Bay Finance

Receivership

August 2006

Referred to another regulator *

24

Finance & Investments

Receivership

September 2007

Concluded (enforceable undertakings) ##

25

Beneficial Finance

Moratorium

October 2007

Closed ##

26

Capital & Merchant Investments

Receivership

November 2007

Closed ##

27

Chancery Finance

Liquidation

November 2008

Closed ##

28

Compass Capital

Receivership

June 2009

Closed ##

29

Cymbis/Fairview

Receivership

May 2008

Closed ##

30

Dorchester Finance

Moratorium

June 2008

Closed ##

31

LDC Finance

Receivership

September 2007

Closed ##

32

Numeria Finance

Receivership

December 2007

Closed ##

33

Orange Finance

Moratorium

August 2008

Closed ##

34

Aorangi Securities (including Hubbard Management Funds)

Complaint

June 2010

Referred to another regulator**

35

Rockforte Finance

Receivership

May 2010

Referred to another regulator**##

36

Waipawa Finance

Liquidation

August 2008

Referred to another regulator** 

37

QED

Liquidation

March 2008

Referred to another regulator* 

38

Fendal Finance

Complaint

March 2009

Referred to another regulator*

39

Clegg & Co

Receivership

October 2007

Referred to another regulator* 

40

All Purpose Finance (trading as St Kilda)

Receivership

November 2008

Closed##

41

Direct Property St Laurence Investments (No.6) (part of St Laurence Group)

Moratorium

June 2008

Closed##

42

Finance & Leasing

Receivership

January 2011

Closed##

43

Geneva Finance

Moratorium

October 2007

Closed##

45

Mascot Finance

Receivership

March 2009

Closed##

46

Strata Finance

Receivership

April 2009

Closed##

47

Kiwi Finance

Receivership

April 2008

Completed December 2011, with repayment of investors.

48

Boston Finance

Moratorium

March 2008

Closed October 2012 ##

49

Structured Finance (NZ)

Moratorium

May 2009

Closed October 2012 ##

50

Vision Securities

Receivership

April 2010

Closed October 2012 ##

51

Propertyfinance Securities

Receivership

August 2007

Closed October 2012 ##

52

Strategic Finance (including Strategic Nominees)

Moratorium

August 2008

The investigation concluded in February 2013. 

53

St Laurence

Moratorium

June 2008

Investigation complete. Warning letter issued to Directors.

54

South Canterbury Finance Limited

Receivership

June 2010

Criminal investigation closed in 2011.

* National Enforcement Unit of the Ministry of Economic Development
** Serious Fraud Office
# Relates to Five Star prosecution
## On the basis of information we currently have, we will continue to include these issuers within its general surveillance. Our decision can and will be reviewed, and our investigation may be reopened, if new information comes to light.