Receiver appointed to Rockforte Finance
A receiver has been appointed to Rockforte Finance Ltd, a Gisborne-based financial institution with around 70 depositors and $3.2 million in deposits.
All eligible Rockforte Finance depositors will get the money they are entitled to under the Crown retail deposit guarantee scheme, Treasury director of financial operations, Brian McCulloch, said.
The trustee for Rockforte Finance announced the appointment of receivers to the company. This constitutes a default event under its Crown Deed of Guarantee, triggering the Crown's guarantee.
Rockforte Finance declined to sign a replacement guarantee deed at the end of last year, so the Crown retail deposit guarantee does not cover any new deposits or the roll-over of previous deposits after December 31, 2009.
"The Crown stands fully behind its guarantee commitments, and we expect an orderly process of payment to eligible Rockforte Finance depositors," said Dr McCulloch.
Eligible depositors with Rockforte Finance will be contacted by the Treasury in about six weeks and provided with information about how to claim under the terms of the Crown retail deposit guarantee.