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Bell rings for Cymbis

Cymbis New Zealand, a small finance company acquired late last year by Octaviar (formerly MFS) was this week placed in receivership owing 797 investors NZ$6.9 million, the New Zealand Herald reported.MFS-owned FP Holdings purchased the assets and assumed the liability to meet principal and interest payments from the former chief executive of Capital+Merchant Finance which until late last year owned the company.FP Holdings injected NZ$1.4 million in capital into the company, which was then able to meet December and March quarter interest payments. No principal was due for repayment over that time.

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