SCF claws back $50m, appoints managers

The troubled Timaru-based lender also announced several new senior management appointments as it pursues a permanent restructure. 

Asset recoveries this calendar year now stand at $256 million, up from $202 million as at March 31, as chief executive Sandy Maier continues his mission to turn around the company and stave off another failure in the finance sector.

"This is a significant achievement and a very useful contribution to liquidity to meet our ongoing funding requirements," Maier said in a statement.