Propertyfinance Group recommends voluntary liquidation

In a statement to the stock exchange, the directors said that "in light of the ongoing regulatory and market changes in the New Zealand non-bank and property sectors, well canvassed in the media, PFG no longer has a viable business purpose or avenues to access capital and recommence any new business activities."

They said their decision stemmed from the receivership of the company's principal operating subsidiary, Propertyfinance Securities Ltd. in late 2007, which is being wound down in a moratorium.

The directors thanked its stakeholders and supporters, but said "these efforts have ultimately been unsuccessful as the New Zealand non-bank industry has all but disappeared except for a number of government sponsored entities."