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Five Star Consumer Finance Ltd in receivership
Thursday, 30 August 2007
Five Star Consumer Finance Ltd in receivership
Graham Miller, Managing Director of
Covenant Trustee Company Limited (‘Covenant’), has
advised that the board of directors of Five Star Consumer
Finance Limited (‘Five Star’) has requested Covenant to
appoint receivers to Five Star and its subsidiaries.
Richard Agnew and Anthony Boswell, partners at PricewaterhouseCoopers, have been appointed as receivers.
The board of directors requested Covenant to appoint receivers because of serious concerns as to the state of the debenture market and the ability of Five Star to attract new funds and retain existing investments. After consultation with Five Star’s auditors and advisers, the board of directors reluctantly concluded that Five Star was unable to operate in this market.
A dedicated page on the PricewaterhouseCoopers website is being set up at http://www.pwc.com/nz/fivestarfinance and this will be updated as information comes to hand. In addition, a dedicated phone line (09) 355 8855 has also been established for any investor or creditors who have an enquiry relating to Five Star.
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