http://www.nzherald.co.nz/ Latest Finance Companies in Freefall headlines from nzherald.co.nz en-nz Copyright 2010 APN HOLDINGS NZ Sat, 20 Mar 2010 12:00:26 +1200 http://blogs.law.harvard.edu/tech/rss APN RSS Generator webnews@nzherald.co.nz webmaster@nzherald.co.nz http://www.nzherald.co.nz/images/nz_little_logo.gif http://www.nzherald.co.nz/finance-companies-in-freefall/news/headlines.cfm?c_id=1501786 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10633190&ref=rss Rumblings arising from the wholesale collapse of finance companies continue unabated. This week, it was Capital + Merchant and Strategic Finance dominating the headlines. In the case of the former, which has been in receivership... newsfeeds@nzherald.co.nz Sat, 20 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10633140&ref=rss When Geneva Finance asked its 3000 investors for a six-month freeze on their money in October 2007 it became the first finance company to ask investors to accept a moratorium.What followed was an avalanche of other finance companies,... newsfeeds@nzherald.co.nz Sat, 20 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10633138&ref=rss Moratorium is an ugly word. It sounds more like the name of a heavy metal band than somewhere you'd want your hard earned savings to end up.Literally, it is not meant to have stench of doom about it. Its Latin root word is... newsfeeds@nzherald.co.nz Sat, 20 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10633111&ref=rss Receivers have let go $550,000-a-year Strategic Finance chief executive Kerry Finnigan and departed from Princes Wharf offices.John Fisk, a PricewaterhouseCoopers partner now in charge with Colin McCloy, said Finnigan no longer... newsfeeds@nzherald.co.nz Sat, 20 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10633098&ref=rss The demise of Strategic Finance demonstrates once again that investors have been badly let down by our securities laws, regulators, directors, management, the accounting profession and investment advisory industry.The failure... newsfeeds@nzherald.co.nz Sat, 20 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10633043&ref=rss The Securities Commission says it has laid criminal charges and issued civil proceedings against directors of the collapsed Capital+Merchant finance company. Directors Neal Nicholls, Owen Tallentire, Colin Ryan and Robert Sutherland,... newsfeeds@nzherald.co.nz Fri, 19 Mar 2010 12:07:56 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10633018&ref=rss The Serious Fraud Office (SFO) expects to know by the end of the month what further action it will take on various finance companies under investigation.Yesterday, the SFO said it had started an investigation into Capital + Merchant... newsfeeds@nzherald.co.nz Fri, 19 Mar 2010 10:36:43 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10632906&ref=rss The Serious Fraud Office says it has started an investigation into failed finance company Capital+Merchant Finance, after a referral from its receiver Grant Thornton.SFO chief executive Adam Feeley said the investigation was focused... newsfeeds@nzherald.co.nz Fri, 19 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10632807&ref=rss The Serious Fraud Office says it has launched an investigation into failed finance company Capital+Merchant Finance, after a referral from its receiver, Grant Thornton.SFO Chief Executive, Adam Feeley, said that the investigation... newsfeeds@nzherald.co.nz Thu, 18 Mar 2010 13:43:53 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10632598&ref=rss Investigations continue into possible breaches by directors of Blue Chip companies of reckless trading and other breaches of provisions of the Companies Act, liquidators Meltzer Mazon Heath say.In the latest six-monthly updates... newsfeeds@nzherald.co.nz Wed, 17 Mar 2010 15:12:35 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10632256&ref=rss Supermarket, retirement and healthcare businesses are lining up to buy Soho Square, Ponsonby's Strategic Finance-funded five-level eyesore.The fate of Strategic, which went into receivership on Friday, hinges partly on the sale... newsfeeds@nzherald.co.nz Tue, 16 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10632255&ref=rss Strategic Finance bosses continued to earn big pay even after the business was struggling and months into its moratorium.While 13,000 investors bucked and agreed to a debt scheme on December 22, 2008, Strategic's management earned... newsfeeds@nzherald.co.nz Tue, 16 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10632254&ref=rss Strategic Finance investors will be better off if the company is bought out, rather than liquidated, stockbroker and Strategic investor Chris Lee says.Strategic was placed into receivership by its trustee Perpetual Trust on Friday... newsfeeds@nzherald.co.nz Tue, 16 Mar 2010 04:00:00 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10632193&ref=rss The Securities Commission recently received an exceptional budget boost from the Minister of Commerce.Arguably, the impetus for the boost came from criticism levelled at regulators worldwide for being 'asleep at the wheel' before... newsfeeds@nzherald.co.nz Mon, 15 Mar 2010 14:49:25 +1200 http://www.nzherald.co.nz/finance-companies-in-freefall/news/article.cfm?c_id=1501786&objectid=10631755&ref=rss The boss of Strategic Finance has slammed its trustee for placing the company into receivership and says investors will be worse off.But Perpetual Trust says receivership is the best option and it has acted only in the best interests... newsfeeds@nzherald.co.nz Sat, 13 Mar 2010 04:00:00 +1200