Investing Report: Strategic Finance put into receivership owing NZ$417 mln

Perpetual Trust has announced it has put Strategic Finance into receivership, ending months of uncertainty about whether it might be bought or merged with another finance company. (Adds details, background, writes through)

The property financiers that includes former All Black captain Jock Hobbs among its directors owes NZ7 million to 13,000 investors. This makes it the second biggest finance company receivership after Bridgecorp collapsed in July 2007 owing NZ8.7 million to 18,000 investors.

It is one of 48 finance companies or investment funds to have collapsed, been liquidated, gone into receivership or to have been put into moratorium since May 2006. Collectively they owe investors around NZ.2 billion in 187,000 accounts