National Finance receivers make final payout

MEDIA RELEASE
2 October 2009

National Finance receivers make final payout

The receivers of National Finance 2000 Ltd, PricewaterhouseCoopers partners Colin McCloy and Maurice Noone, advise that a third and final repayment of principal was distributed to secured investors today.

This third repayment will see National Finance investors receive a further 9.1 cents in the dollar, bringing the total repayment since receivers were appointed to 49.1 cents in the dollar. An initial repayment of 30 cents in the dollar was made to investors in October 2006, and a second repayment of 10 cents in the dollar was made in March 2007.

National Finance was holding deposits of more than $21 million on behalf of secured investors. With the final repayment, approximately $10.7 million will have been returned to investors since receivers were appointed.

Receiver Colin McCloy says the upcoming repayment was to be made as a result of final recoveries from the assets of National Finance.  

“We are very pleased to make the final payout to investors,” he says. “There are still some final administrative details to be wrapped up, however, for secured investors this marks the end of the receivership payout process. We would like to thank the investors for their support and patience throughout the receivership.”

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