Viaduct Capital put into receivership owing NZ$7.8 mln (Update 1)
14th May 10, 10:03am
Auckland-based property financier Viaduct Capital has been put into receivership owing NZ$7.8 million to 110 depositors. (Update adds detail on the trustee and receiver). Treasury said all eligible depositors will receive the money they are entitled to under the Government's retail deposit guarantee scheme. They would be contacted by Treasury in about six weeks and told how to claim under the scheme. The Crown guarantee does not cover any deposits made after 20 April last year when the Crown guarantee was withdrawn from Viaduct Capital. Trustee Prince and Partners said, acting on the request of Viaduct Capital, it had appointed McDonald Vague's Iain McLennan and Boris van Delden as receivers. Price and Partners' Colin Wilson said the move was aimed at protecting investors' interests through an orderly realisation of the company's assets. Of the money owed to investors NZ$7.3 million, or 93%, is covered by the Crown guarantee.