Clegg and Co latest failure
Last night it was announced that Auckland based Clegg and Co was the latest finance company to be put into receivership.
Covenant Trustee Co ordered the receivership after Clegg and Co directors and shareholders were unable to rectify the breach of the company's related party loan restriction clause.
"The level of provisioning required against this related party debt means that Clegg & Co Finance has minimal if any residual shareholders funds," Covenant managing director Graham Miller says.
On top of that the receivers of Five Star Consumer Finance provided some grim news for debenture holders.
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