No prior ranking creditors ahead of St Laurence investors

The personal property securities register, which records all claims against personal property other than land, showed OEC Loans and Valad Symphony Finance were secured parties on two of the St Laurence funds. One of the failed financier's receiver, Barry Jordan of Deloitte, said he was not aware of any secured parties that held a prior ranking to the 9,000 investors owed some $250 million.

"I'm not aware of any prior ranking parties - the PPSR flushes out any of those creditors," Jordan told depositrates.co.nz. "There's no evidence [St Laurence] owed anyone else."

St Laurence's receivers told investors the best they can expect to recover is 32 cents in the dollar, including the 10 cents already paid under the finance company's failed moratorium. Jordan and David Vance's first report estimated debenture holders will get between 15 cents and 22 cents from the company's remaining assets, while noteholders and unsecured creditors will get nothing back.