Five Star Consumer Finance called in receivers yesterday, making the North Island firm the seventh such entity to expire in 16 months.
Five Star provided point of sale finance, marketed in part with the aid of the New Zealand Retailers Association.
Anthony Boswell of PricewaterhouseCoopers is the receivers for Five Star and subsidiaries Vintage Rentals, Vintage Finance and Beverage Finance. The companies are believed to owe about $50 million to approximately 3000 debenture investors according to the
New Zealand Herald.
Meanwhile Property Finance appointed Brendan Gibson of Ferrier Hodgson as receivers yesterday. Property Finance has debenture debts of more than NZ$80 million and loans of over NZ$630 million.