Lombard Finance & Investments Limited (In Receivership)
Frequently Asked Questions
- Lombard Finance & Investments Limited (In Receivership)
- Lombard Asset Finance Limited (In Receivership)
- Lombard Asset Finance NO.2 Limited (in Receivership)
- Lombard Property Holdings Limited (In Receivership)
- Collectively the “Companies”
1. What has happened to the Companies?
Answer – John Fisk and John Waller, partners of PricewaterhouseCoopers, have been appointed receivers of Lombard Finance & Investments Limited (“Lombard”) and its subsidiaries; Lombard Asset Finance Limited, Lombard Asset Finance NO.2 Limited and Lombard Property Holdings Limited.
2. Why were receivers appointed?
Answer - Following a breach of its Trust Deed the Directors of Lombard completed an analysis of the financial standing of Lombard and the proposed moratorium. As a result of this, the Trustee concluded that it was in the best interests of debenture holders that a receiver be appointed to Lombard.
3. I am a debenture holder in Lombard, what happens to my investment?
Answer - As part of the receivership principal repayments from scheduled maturities will not be made until further notice (see 5 below).
4. What about interest on my investments?
Answer - Similar to principal repayments, no interest payments to debenture holders will be made, until further notice.
5. What will the receivers do now?
Answer – We have secured the assets of Lombard and are currently determining its financial position. Given the size of Lombard and the complexity of some of the loans, this will take some time. The Receivers will prepare and send a report to debenture holders on their initial findings of Lombard’s financial position as soon as possible. At that stage we hope to be in a position to advise debenture holders of potential returns on their investments.
6. How much money does Lombard owe to debenture holders?
Answer - We are currently working with the Lombard management to quantify the outstanding amount owed to the approximately 3800 debenture holders. At this stage it is estimated that Lombard owes approximately $111.5 million to debenture holders.
7. My contact details have changed. Who do I notify of my change of address?
Answer - If your postal details have changed, please advise your updated address details to Lombard Finance & Investments Limited (In Receivership)(C/- PO Box 243, Wellington) in writing and your account details will be updated accordingly.
8. I have a question re my investment. How do I communicate it to the Receivers?
Answer - Please email us via our Lombard specific website www.pwc.com/nz/Lombard .
9. What if I am a shareholder in Lombard Group Limited?
Answer – Lombard Group Limited is not in receivership. Any queries in respect of your shareholding in Lombard Group Limited should be directed to Lombard Group Limited.
If you have any queries please leave your name and contact details on our dedicated phone line 04 462 7557 and we will endeavour to get back to you as soon as possible.