Finance group collapse leaves 7000 investors in the dark

Auckland based Capital + Merchant Finance has collapsed and been placed in receivership with debts of around $190m, leaving the deposits of at least 7000 investors under threat.

It is the 13th such failure in the industry here in the past 18 months.

Capital + Merchant Finance Ltd and Capital + Merchant Investments, had breached general security agreements with Australian company Fortress Credit Corp, said receivers Tim Downes and Richard Simpson of Grant Thornton.

The company’s collpase has also affected broadcaster TVNZ.

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