Deep freeze list - Finance industry failures
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, and #41 AMP Property Fund was restructured and re-opened for investment.
| 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 | restructured and reopened | 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 | originally suspended, now normal | 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 | |||
| 68 | Luminate Finance | Sep-26 | Liquidation | ??? | ??? | James Bradley | |||||
| --------------------------- | --------- | --------- | |||||||||
| 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