First finance company to emerge from receivership

Propertyfinance securities is the principal subsidiary of Propertyfinance Group.

"After the initial shock and disappointment of the need for receivership to protect our stakeholders, we are pleased to have established a base from which to move forward proactively," PFG chairman Barney Sundstrum, said.

The company's short-term plans remain focussed on a reestablishment period post the restructure and making the first distribution to debenture holders.

The company is planning to make the first payment to debenture stockholders February 20.