South Canterbury Finance's 35,000 debenture and deposit holders will receive full repayment next week, almost two months after the Timaru-based firm collapsed.The investors are being repaid their principal and net interest up to August 30 under the terms
South Canterbury Finance’s 35,000 debenture and deposit holders will receive full repayment next week, almost two months after the Timaru-based firm collapsed.
The investors are being repaid their principal and net interest up to August 30 under the terms of the Crown Retail Deposit Guarantee Scheme.
The payment will be made on October 20 and will also include interest accrued at 3% (the current official cash rate) since August 30, South Canterbury’s trustee company said today.
“Getting to this point has taken a few days longer than the 4 to 6 weeks initially estimated,” Yogesh Mody, regional manager for Trustee Executors said.
Upon receivership the government made a full settlement of about $1.6 billion to debenture, deposit and bond holders by paying the Trustee on August 31.
The trustee held the funds in a trust account until it could facilitate the payment. On September 23, about 7000 bond holders were repaid.
“As we had indicated previously, the audit and transfer of the register from the company to Computershare Investors Services (the saying agent), was a detailed and complex process,” Mr Mody said.
