Interim Bridgecorp dividend to be paid

NZPA

Monday 18th July 2011 1 Comment

Secured debenture investors in Bridgecorp are to be paid an interim dividend after a resolution of matters involving the Inland Revenue Department, receivers say.

Based on funds held and anticipated receipts, an interim dividend of between 3c and 3.5c in the dollar would be made to the secured debenture investors, receiver Colin McCloy, of PricewaterhouseCoopers, said.

It was anticipated payment would be made in the week starting August 15.

"Unfortunately, whilst we continue to vigorously pursue all possible avenues of recovery, we remain of the view that total recoveries to secured debenture holders will be less than 10c in the dollar," McCloy said.

Comments from our readers

On 18 July 2011 at 1:41 pm Eric Carryer said:

All funds from these finance companies must be returned to the investors .Every cent .The Trustees must be pursued as well as the directors plus the insurances on any loans