Five Star latest failure

Five Star Consumer Finance has asked its trustee to appoint receivers to Five Star and its subsidiaries.

Thursday, 30 August 2007

The board of Five Star requested Covenant to appoint receivers because of serious concerns as to the state of the debenture market and the ability of Five Star to attract new funds and retain existing investments.

After consultation with Five Star's auditors and advisers, the board of directors reluctantly concluded that Five Star was unable to operate in this market.

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