Equitable investors facing a shortfall: receivers
Receivers Grant Graham and Brendon Gibson of KordaMentha says in their second statutory report Equitable had $188.4 million in loans outstanding when it went into receivership on November 29 last year.
"It will not be possible to recover the full amount outstanding but the receivers are yet to confirm what portion can be collected," they say.
Equitable had about 6,000 depositors with $192.3 million invested in debt securities and about $178 million was covered by the guarantee.
Treasury spokesman Angus Barclay says 88.6%, or about $158 million, of the latter has been repaid to investors. The remaining investors need to contact Treasury and make a claim, Barclay says.
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