South Canterbury Finance Limited and its charging subsidiaries, sale of remaining assets to the Crown

Kerryn Downey and William Black of McGrathNicol, as Receivers and Managers of South Canterbury Finance Limited (“SCF”) and the remaining nine charging subsidiaries (the “SCF Group”), confirm that the non cash residual assets of  the SCF Group have been sold to the Crown.

The non cash residual assets acquired by the Crown include:
- The portfolio of remaining loans in the Bad Bank loan book
- Sundry equity investments
- Remaining property investments

The Receivers and SCF staff have worked closely with the Crown to ensure that there is a seamless transition of assets, systems, processes and procedures to enable Crown Asset Management Limited (“CAML”) to continue to manage and recover the residual assets of the SCF Group.

The Receivers stated “having completed sales of the major investments of the SCF Group (Helicopters NZ, Scales Corporation and Dairy Holdings) and the sales of both Good Bank and FACE Finance, together with ongoing loan book recoveries through the course of the receivership, it is very pleasing to have finalised the sale of the remaining SCF Group assets. This represents a significant milestone in the receivership of the SCF Group”.

All remaining staff have been retained to ensure there is a smooth transition to CAML and to ensure that ongoing recovery by CAML of the residual loan book and other assets continues unimpeded.

About McGrathNicol
McGrathNicol is an independent advisory firm specialising in corporate advisory, forensic, transaction services and corporate recovery. It is a market leader in Australia and New Zealand, with more than 300 people across the region, including more than 31 partners.