PwC appointed South Canterbury Finance liquidators
PwC's John Fisk and David Bridgman have been appointed liquidators of eight companies under the South Canterbury Finance umbrella.
The liquidations are the final step in the insolvency process of SCF group after the sale of the remaining non-cash assets to Crown Asset Management Ltd last week.
In a statement today, Mr Fisk says the liquidators will be reviewing the position of the eight companies to "determine the most appropriate way forward in order to maximise returns to creditors".
Creditors will be provided with a statutory report within the next five days, while creditors that have contracted with the receivers will be paid by them separately.
"We will look into the events that led to receivership and liquidation of the group to see if there are any situations where there may be further recoveries available."
The eight companies under the SCF umbrella are Southbury Corporation Ltd, FSC Loans Ltd, ECAF Ltd, Quality Lease Cars Ltd, Galway Park Ltd, ZNH Nominees Ltd, Hornchurch Ltd, SCF Hawkes Bay Ltd.
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Comments and questions9
Fees for nothing
It has no assets
Just don't file annual returns and let the companies office close the company.
About 18 months too late, and after allowing the Crown's best civil remedies to lapse, a liquidator is finally appointed. Appointment of a liquidator is necessary to provide a chance for voiding unfair transactions, as I noted 22nd March 2011 ( http://www.lostsoulblog.com/2011/03/crowns-kid-gloves-for-scf-directors.html ).
In fact I was calling for a liquidator to be appointed in addition to a receiver in 29th August 2010 as a solution that 'gives managers and directors and others who have been responsible for or benefited from irregular dealings the best chance to be held liable for them': http://www.lostsoulblog.com/2010/08/bail-out-why-not.html
It appears that concurrent receivership and liquidation offers the best solution to a failed financial institution and is a good alternative to statutory management of failed banks. The practice in this case is not a good example of letting civil remedies lapse.
Wasn't PWC recently roundly criticised in a Civil Suit for their conduct of a receivorship/ liquidation in Nelson??
Yes they certainly were criticsised in a civil trial and there is more to come.
John Fisk was one of the receivers.
This international accountancy group will be shown up and yet our government are still intent on using their services.
The SFO even used them to "assist" at times when their workload was excesive.
It is nothing short of a disgrace.
The so called Big 4 are a joke. These are the guys that wrote the so called independent reports that over valued the so called assets. Think Allied and Hanover. Remember all those conpanies that Mom and Pops lost their shirts in. LOL
Ernst and Young were SCF's auditors but didnt have the kahooners to sign an audit off. Where is the accountability for that debacle!
Ahhhh SCF Hawkes Bay... anyone know if Sam Kelt has joined Watson et al in 'exile' yet??
The only reason he has been quiet of late, is that he hasn't hit anyone recently but there is plenty of the year left for him to readdress that.
I dont know if Sam's passport will work at the moment given his name will be central to a certain hearing involve 5 of Timaru's finest.