Friday 5th October 2007 |
Text too small? |
Brian Mayo-Smith and Shaun Adams of BDO Spicers have been appointed receivers after Clegg and Co told the Covenant Trustee Company on September 27 that its trust deed had been breached to a "significant extent".
Covenant Trustee Co ordered the receivership after Clegg and Co directors and shareholders were unable to rectify the breach of the company's related party loan restriction clause, Covenant managing director Graham Miller said.
"In Covenant Trustee Company's view, the level of provisioning required against this Related Party debt means that Clegg & Co Finance has minimal if any residual shareholders funds," Miller said.
Clegg and Co Finance was founded by Brian Clegg in April 2002, and finances commercial plant finance leases and other secured lending contracts, according to the company's web site.
Clegg had earlier set up Classic Finance in 1995 to finance hire purchases and other secured lending, mainly second mortgages.
Nine finance firms have already collapsed in 16 months, owing investors $1.2 billion.
Sign up to the Weekly Wrap, a summary of the week's top news stories for financial advisers. Visit www.goodreturns.co.nz |
No comments yet
PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens