Rates Round Up

Monday, 17 May 2010

Receiver says Capital + Merchant Business Investments in queue for cash

Colin McCloy of PricewaterhouseCoopers, the receiver for Capital + Merchant Business Investments, has told investors any further payments are reliant on legal action.

Investors were paid 9 cents in the dollar last December of the $1.8 million owed, and McCloy said then that he did not expect any more distributions to be made.

Two loans are still outstanding, and McCloy said he had lodged an application with parent company Capital + Merchant Group's liquidator, Grant Burns and Maurice Noone of PwC.

"For the remaining two loans in arrears, recovery will be difficult, however, we will consider all available enforcement action options and take any actions that we consider will provide an increased recovery to secured debenture investors," McCloy said in his report.

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