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 | |||
| --------------------------- |
---------
|
---------
|
|||||||||
|
|
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