Lombard Finance and Investment of New Zealand has been placed in receivership owing its 4400 investors NZ$127 million, the
Interest.co.nz reported. John Waller and John Fisk, of PricewaterhouseCoopers, have been named receivers.
The newspaper reported that Perpetual Trust turned down a proposed moratorium on payments to retail investors by the firm.
Payments of interest and principal to Lombard Finance and Investment debenture holders had been suspended. Lombard had a loan book worth NZ$137 million.
Note: Lombard Finance Australia is a separate entity from the New Zealand finance company of the same name (reported above). For more on the Sydney-based retail finance company
Lombard Finance, see here.