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Deep freeze list - Finance industry failures

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This page is a list of the finance industry failures since 2006.

If you have information that can update any entry, please email us at news@interest.co.nz

Note that #16 Beneficial Finance has now exited its moratorium having repaid all investors in full, including interest.

 

  Institution
Date
failed
Current status
Paying
interest
Y / N
Deposits
at risk
NZ$ mil.
Number
of
deposits
 
expected
recovery
range %
Key people Trustee
                     
  If you have more up-to-date information, or corrections to the entries on this page, please email us at news@interest.co.nz
                     
1
National Finance
May-06
receivership
N
25.5
2,026
 
48%
Allan Ludlow Covenant
2
Provincial Finance
Jun-06
receivership
N
296.0
14,000
E
92.2%
David Lyall Perpetual
3
Western Bay Fin
Jul-06
receivership
N
48.0
2,500
 
82%
Jim Smylie Covenant
4
First Step Trusts Nov-06 closed
N
457.0
7,000
 
48.9%
Somers-Edgar Perpetual
5
Bridgecorp
Jul-07
receivership
N
458.7
18,000
 
10%
Rod Petricevic Covenant
6
Bridgecorp Inv Jul-07 liquidation
N
29.0
1,334
 
0%
Rod Petricevic Covenant
7
Nathans Finance
Aug-07
receivership
N
174.0
7,082
 
< 10%
Ken Moses Perpetual
8
Chancery Finance
Aug-07
liquidation
N
17.5
1,374
 
0-20%
Gary Stevens Covenant
9
propertyFin Sec
Aug-07
moratorium
N
80.0
3,000
 
91%
Darryl Queen Covenant
10
Five Star Cons Fin
Aug-07
receivership
N
54.0
2,130
 
23-25%
Nick Kirk Covenant
11
Antares
Aug-07
liquidation
N
3.2
100
E
~0%
Nick Kirk none
12
Five Star Finance Jun-08 liquidation
N
43.0
200
 
~0%
Nick Kirk none
13
LDC Finance
Sep-07
receivership
part
22.0
1,198
 
100%
M Scholfield Perpetual
14
Finance & Inv
Sep-07
receivership
N
16.0
370
 
~50% 
M Scholfield none
15
Clegg & Co
Oct-07
receivership
N
15.1
496
 
50-60%
Brian Clegg Covenant
16
Beneficial Finance
Oct-07
moratorium exited
Y
9.4
408
 
100%+
Merv Oldham Covenant
17
Geneva Finance
Oct-07
moratorium
Y
51.0
3,292
 
87+%
Peter Francis Covenant
18
Capital+Merchant
Nov-07
liquidation
N
167.0
7,500
 
0-2%
O Tallentire Perpetual
19
C+M Inv
Nov-07
receivership
N
1.5
60
E
0%
O Tallentire Perpetual
20
Numeria Finance
Dec-07
receivership
N
6.7
480
 
40-44%
O Tallentire Perpetual
21
MFS Pacific (OPI)
Mar-08
liquidation
N
335.0
12,000
 
22.5%
J Maywald Perpetual
22
Boston Finance
Mar-08
receivership
N
24.0
1,300
 
37%+
J Maywald Perpetual
23
ING funds x2
Mar-08
suspended
N
520.0
8,000
 
56-63%
M Lieberman Guardian
24
QED
Mar-08
liquidation
N
4.5
40
    Sharon Day  
25
Lombard Finance
Apr-08
receivership
N
111.0
3,900
  M Reeves Perpetual
26
Kiwi Finance
Apr-08
receivership
N
1.2
42
 
100%
Rod Greensill Perpetual
27
Tower Mtg+ Fund
Apr-08
closed
N
242.0
5,000
 
 
Sam Stubbs Tr Exec
28
Cymbis / Fairview*
May-08
receivership
N
6.9
797
 
20%
O Tallentire Perpetual
29
Belgrave Finance
May-08
receivership
N
20.5
1,000
 
21-27%
Steve Smith Covenant
30
IMP Diversified
Jun-08
moratorium
 N
15.8
1,015
 
80%
Ruth Richardson,  Covenant
31
Dominion Finance
Jun-08
liquidation
N
232.0
5,939
 
10-25%
Terry Butler Perpetual
32
North South Finance
Jun-08
receivership
N
100.0
6,925
E
70% 
Terry Butler Covenant
33
St Laurence
Jun-08
receivership
N
253.0
9,000
 
34% 
K Podmore Perpetual
34
Dorchester
Jun-08
moratorium
N
176.0
7,800
 
100% 
Barry Graham Perpetual
35
Canty Mtg Trust
Jul-08
closed
 
250.0
5,000
 
 
Don McBeath Tr Exec
36
Hanover Finance
Jul-08
moratorium
N
465.0
13,000
 
18%
Mark Hotchin Guardian
37
Hanover Capital
Jul-08
moratorium
N
24.0
1,100
 
8%
Mark Hotchin Perpetual
38
United Finance
Jul-08
moratorium
N
65.0
2,400
 
22%
Mark Hotchin Perpetual
39
Guardian Mtg Fund
Jul-08
closed  
249.0
3,700
    Sean Carroll Public Tr
40
Totara Mtg Fund
Jul-08
closed  
60.0
2,400
    Somers-Edgar Perpetual
41
AMP NZ Ppty Fund
Aug-08
suspended  
419.0
2,900
    Murray Gribben Guardian
42
AXA Mtg bonds
Aug-08
closed
Y
117.0
90
E   Ralph Stewart Permanent
43
Strategic Finance
Aug-08
liquidation
N
391.0
14,020
 
12-35%
Kerry Finnigan Perpetual
44
St Kilda
Aug-08
receivership
N
6.9
419
 
50-72%
John Farry Tr Exec
45
Compass Capital
Aug-08
receivership
N
15.0
800
E
100%
Ian Gladwell Guardian
46
Waipawa Fin
Aug-08
liquidation
N
20.0
220
 
9%
Warren Pickett none
47
AXA 3x mtg funds
Oct-08
suspended  
225.0
5,000
    Ralph Stewart Guardian
48
Guardian mtg units
Nov-08
suspended  
56.0
4,500
    Sean Carroll Public Tr
49
Orange Finance
Dec-08
receivership
N
23.2
2,500
 
70-80%
Somers-Edgar Covenant
50
Mascot Finance
Mar-09
receivership
N
69.0
2,511
 
100%
Ken Lane Perpetual
51
Strata Finance
Apr-09
receivership
N
0.5
21
 
100%
Rob Tucker Perpetual
52
Structured Finance
May-09
moratorium  
33.0
172
 
60%
Martyn Reesby Perpetual
53
Vision Securities  Apr-10 receivership
N
28.0
953
 
100%
John Jackson Perpetual
54
Rural Portf Capital
May-10
receivership
N
60.0
1,400
 
50%
Craig Norgate Tr Exec
55
Rockforte Finance
May-10
receivership 
N
3.2
70
 
100%
Nigel O'Leary  Covenant
56
Viaduct Capital
May-10
receivership
N
7.8
110
 
28-33%
Bruce Mackay Prince
57
Aorangi Securities
Jun-10
stat mgmt
N
98.0
407
 
?? %
Allan Hubbard none
58 Mutual Finance
Jul-10
receivership
N
9.3
340
 
?? %
Paul Bublitz Covenant
59 Hubbard Mgmt Funds
Jul-10
stat mgmt
N
70.0
?  
 
?? %
Allan Hubbard none
 60 Allied Nationwide Fin
Aug-10
receivership
N
 130.0  4,500  
?? %
John Mallon Guardian
61 South Canterbury Fin Aug-10 receivership   1,600.0 35,000 E
?? %
Allan Hubbard Tr Exec
62 Equitable Mortgages Nov-10 receivership   190.0 6,000     Chris Spencer Tr Exec
 63 Finance & Leasing  Jan-11 receivership    17.0  227     Kipp Alexander Perpetual
64 NZF Money  Jul-11 receivership   E   18.0  300 E   Mark Thornton  Covenant 
 65 Midlands Mtge Fund   Oct-11 suspended    43.0  ?        Peter Harrison  NZ Perm 
66 Perpetual Mtge Fund Jul-12 moratoruim   E   61.4  ?       George Kerr Tr Exec
67 Ross Asset Mgmt Ltd Nov-12 receivership   E   449.6 1,720 E   David Ross none
  ---------------------------      
---------
---------
       
 
Totals ...
 
 
 
$9,290.4
242,061      
  Related property industry failures ...              
                     
  Blue Chip      
 
2,000
E   Mark Bryers  
  Merlot        
300
E   Grant Petrie  
           
 
       
  Note: * = Cymbis Australia is also in receivership (Aug-08), owing investors on both sides of the Tasman AU$68.8 million (NZ$87 mil).
  E = Estimated data
        Our latest estimate of losses from finance company failures is $3.112 billion

 

This page is a list of the finance industry failures since 2006. If you have information that can update any entry, please email us at news@interest.co.nz