High Court temporarily freezes NZF Group's assets

The High Court has temporarily frozen NZF Group's assets at the request of the receivers of its former finance company.

Tuesday, 10 April 2012

by Jenny Ruth

NZF Group chief executive Mark Thornton says interim orders granted in favour of NZF Money's receivers, Grant Graham and Brendon Gibson of KordaMentha, prevent his company from dealing with or disposing of any assets except for very limited purposes.

At a substantive hearing in the High Court on April 27 "the company will seek to have the freezing orders lifted," Thornton says.

Last week, NZF revealed the receivers had launched legal action against an unspecified number of its past and present directors alleging an insolvent transaction.

The Serious Fraud Office is also investigating NZF Group with a primary focus on alleged related party transactions going back to 2006.

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