Business Services Industry
Sandhurst moves in on Fincorp.
Australasian Business Intelligence, March, 2007
Byline: Mathew Dunckley
Mar 29, 2007 (The Australian Financial Review - ABIX via COMTEX) -- In March 2007, Fincorp collapsed, owing $A90 million to financiers and an estimated $A200 million to 7,800 investors. The Commonwealth Bank of Australia is reportedly owed $A23 million, while the National Australia Bank is owed about $A30 million. On 29 March, Sandhurst Trustees declared it would appoint Brian Silvia and Peter Morgan, of Ferrier Hodgson, as receivers and managers of the failed investment and development company. However, Korda Mentha will be retained as administrators of Fincorp. A meeting of creditors in the failed business will proceed as scheduled on 30 March.
Publication Date: 30 March 2007
FINCORP INVESTMENTS LIMITED...
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