Read McGrathNicol's statement below:
The receivers for Allied Nationwide Finance (ANF) have started the sales process for specific loans within ANF’s performing loan book.
The receivers are also seeking expressions of interest for performing receivables in Spiers Securities Limited (SSL), which the receivers administer on behalf of its board.
Andrew Grenfell and Kerryn Downey of McGrathNicol were appointed receivers and managers of Allied Nationwide Finance Limited on 20 August 2010 by ANF’s trustee, the New Zealand Guardian Trust Company Limited. Andrew Grenfell said that the ANF and SSL portfolios can be purchased jointly or separately but all loans within each portfolio must be bought as a whole.
The ANF portfolio comprises business and consumer finance leases, hire purchase agreements revolving credit facilities and other loans predominantly secured by motor vehicles and other chattels. The portfolio also includes loans subject to a motor vehicle dealer agreement.
ANF is the administrator of a securitisation vehicle – Spiers Securities Limited (SSL) - into which it has sold receivables. The SSL portfolio consists of receivables for business-related finance leases, consumer finance and conditional purchase agreements and other loan receivables, principally secured by motor vehicles and other chattels.
ANF has no equity interest in SSL and SSL has its own independent board. ANF does have a financial exposure to SSL by way of subordinated debt of $8.5m as at 31 December 2010.