Finance and Investments, a small finance company with liabilities of about NZ$16 million, entered receivership yesterday the
New Zealand Herald reported.
F&I is the the third finance company in New Zealand to hit the wall in a week and the ninth in 17 months.
The company operated in a narrow niche and under the radar. IT began trading 30 years ago. According to the NZH The Securities Commission was unaware of F&I.
The newspaper also noted that Finance and Investments is unrelated to an Eric Watson and Mark Hotchin-controlled company with a similar name.
The firm owes the funds to 370 investors, including NZ $1.25 million to Nelson-based LDC Finance, which was placed in receivership on Tuesday.