ProvencoCadmus receiver reiterates that ANZ faces 'significant shortfall'

ProvencoCadmus receiver reiterates that ANZ faces 'significant shortfall'

ANZ has been reimbursed NZ$8.85 million from collapsed eftpos product provider ProvencoCadmus' but receivers Michael Stiassny and Brendon Gibson of KordaMentha have reiterated that the bank faces a "significant" shortfall.

In the receiver's third report since their appointment on August 3 last year, Stiassny and Gibson say ANZ, which pulled the plug on ProvencoCadmus after it failed to secure additional funding from its major shareholders Todd Capital and Navman founder Peter Maire, has now been repaid NZ$8.85 million. That's up from NZ$5.75 million at the time of the receiver's second report in April.

Stiassny and Gibson say in the third report ANZ was owed a total of NZ$23.8 million at the time of their appointment, which is down from the NZ$26.8 million estimated previously. However, they reiterate that it won't be getting it all back.

"It is evident that there will be a significant shortfall to the bank," say Stiassny and Gibson.

The money that has been recovered has been through sales of subsidiary businesses such as Vantex, Provenco Payments, Provenco Technology and Provenco Retail Automation.

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1 Comments

It's really refreshing to find some good news on here.....thanks Gareth.

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