Domino effect as another finance firm goes under

By VANESSA PHILLIPS – The Nelson Mail | Thursday, 6 September 2007Email a Friend | Printable View | Have Your SayRelated Links
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AdvertisementAnother Nelson finance company, with links to failed firm LDC Finance, has nosedived into receivership, owing $16 million to investors.

Long-established Tahunanui-based Finance and Investments was placed in receivership yesterday by its principals Andrew Harding and Murray Scholfield.

The move comes just a day after Nelson’s LDC Finance went into receivership, owing $19.3 million to 995 investors.

Mr Harding and Mr Scholfield are also key owners of LDC, jointly holding 5.8 million of the 6.7 million shares in that company.

PricewaterhouseCoopers partners John Fisk and Malcolm Hollis have been appointed receivers of both businesses.

Mr Fisk said Finance and Investments had been reliant on funding from LDC, and with the receivership of LDC it could not obtain the funding it needed to meet its obligations or continue to trade.

It is the ninth New Zealand finance company to strike trouble in 16 months.

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