Strategic Finance Limited (In Receivership)

This website is your primary source of information related to the receivership of:

  • Strategic Finance Limited
  • Strategic Advisory Limited
  • Strategic Mortgages Limited
  • Strategic Nominees Limited
  • Strategic Nominees Australia Limited

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This site will be updated as information becomes available. We encourage you to visit this site if you have any concerns and/or additional enquiries.

 

Updates:

2 October 2018

The receiverships of Strategic Finance Limited (In Liquidation) and its subsidiaries came to an end on 28 September 2018. A copy of the receivers final report can be found at the link below.

Final report

26 April 2018 Receivers' six monthly report on the state of affairs
30 October 2017   Receivers' six monthly report on the state of affairs
12 March 2017 Receivers' six monthly report on the state of affairs 

18 October 2016

Receivers' six monthly report on the state of affairs

18 October 2016

We have today made a distribution of 1.2 cents in the dollar to secured debenture holders bringing total distributions to date to 20 cents in the dollar.

A further report on the progress of the receivership will be made shortly.

20 May 2016

Receivers' six monthly report on the state of affairs

29 April 2016

Report to investors

Update to investors

22 December 2015

We have today made a distribution of 1.8 cents in the dollar to secured debenture holders bringing total distributions to date to 18.8 cents in the dollar.

A further report on the progress of the receivership will be made next year.

16 November 2015

Receivers' six monthly report on the state of affairs

8 October 2015

Report to investors

15 June 2015

Report to investors

19 May 2015

Receivers' six monthly report on the state of affairs

2 April 2015

Report to Investors

12 December 2014

Report to Investors

7 November 2014

Receivers' six monthly report on the state of affairs

10 September 2014

Report to Investors

26 June 2014

Report to investors

Update to investors

30 May 2014

The Receivers of Strategic Finance previously indicated to investors that we would provide an update by the end of May 2014. The Receivers now expect to provide the investor update by the end of next week (beginning 3 June 2014).

12 May 2014

Receivers' six monthly report on the state of affairs

31 March 2014

Report to investors

20 January 2014

Latest Q&As for Strategic Finance Investors

6 December 2013

Receivers' six monthly report on the state of affairs

3 December 2013

Application for retirement and appointment of trustee
Perpetual Trust Limited and various companies In Receivership and/Or Liquidation

5 July 2013

Report to investors

Update to investors

9 May 2013

In our last report to investors dated 21 December 2012, we advised we were in settlement discussions with the directors of Strategic on a without prejudice and confidential basis. We further noted that, if settlement could not be reached, we expected court proceedings would be issued in April 2013.

The Receivers' claims against the directors are in relation to alleged breaches of their obligations under the Companies Act. Also, the Financial Markets Authority (FMA) has advised it intends to pursue civil action against the directors in relation to alleged breaches of the Securities Act.

The purpose of the settlement discussions with the directors is to explore whether there is any opportunity to achieve a negotiated settlement with a better outcome and without incurring the substantial cost of court proceedings.

Without prejudice settlement discussions have been held with the directors and their legal advisors (pursuant to an agreed formal process). This process involved a robust and constructive discussion regarding the claims against the directors. The FMA has also been engaged in confidential discussions with the directors.

Substantial progress has been made, and we, the Receivers, consider it is worthwhile continuing with the settlement process whilst certain matters are worked through. The settlement process is subject to an agreed timetable for dealing with outstanding matters and we expect to provide a further update to investors in June 2013.

The Receivers acknowledge that investors are keen to see a resolution in respect of any claims against directors and, at this stage, we consider the settlement process provides the best opportunity to maximise recoveries for investors.

21 December 2012

Report to investors

15 August 2012

Report to investors

Update to investors

25 July 2012

We advise that a further report on the status of the receiverships will be issued to secured debenture investors by 15 August 2012.

May 2012

Receivers' sixth monthly report on the state of affairs

27 February 2012

Report to investors
 
We advise that a copy of our update letter has now been mailed to all secured debenture investors.

Update for Strategic Secured Debenture Investors

17 February 2012

We advise that the update report for Strategic investors is currently being finalised and will be mailed to secured debenture investors no later than 21 February 2012.

27 October 2011

Receivers' report to investors

Update to investors

13 October 2011

We advise that a further update to secured debenture investors will be issued early next week. This update has been delayed whilst we have finalised certain property transactions.

Update to investors

2 September 2011

We advise that a third interim distribution of 3 cents in the dollar will be made to secured debenture investors on 5 September 2011.

Please note that a letter will not be sent to secured debenture investors prior to the payment being made.

We intend to write to secured debenture investors by 30 September 2011 to provide an update on the status of the receiverships.

Update to investors

5 August 2011

We advise that a letter will be sent to investors at the end of this week confirming a second interim distribution of 2 cents in the dollar will be made on or around 12 August 2011.

Based on expected loan realisations in August/early September 2011, we expect to make a third interim distribution to secured debenture investors in September 2011 (estimated at 3 cents in the dollar).

Update to investors

13 July 2011

In our letter to investors dated 29 April 2011, we advised that we would write to secured debenture investors in early July to confirm the timing and amount of the second distribution.

In our report, we noted that a property securing one of the loans to Strategic was subject to an unconditional sales contract and was scheduled to complete by 30 June 2011. Settlement of this sales contract did not occur on the due date; however the purchaser is still actively working through the issues delaying settlement. The proceeds from the sale of the property is payable to Strategic under its first ranking security.

We currently have sufficient funds on hand to pay a further interim distribution of 2 cents in the dollar (calculated by reference to balances as at 12 March 2010) to secured debenture investors.

However, if settlement of the property (referred to above) occurs, the interim distribution could increase to up to 5 cents in the dollar.

We expect to know the outcome of the sale of the property by 28 July 2011 and accordingly, we intend to delay confirming the exact timing and amount of the second distribution until the end of July 2011. The timing of the distribution will be in early August 2011.

11 May 2011

Receivers' six monthly report

29 April 2011

Report to investors

28 January 2011

Letter to investors

11 November 2010

Receiver's second report

18 October 2010

Letter to Investors

06 August 2010

Letter to Investors

Appointment of Liquidators

Liquidators were appointed to Strategic Finance Limited (In receivership) on 26 July 2010. We advise that liquidators were appointed to preserve certain potential claims that are available to liquidators and not to receivers under the Companies Act 1993.

The liquidation will not impact on the receivership. The receivers will continue their work, including the loan realisation and sales process currently being undertaken for the benefit of secured investors.

Any queries should be directed to the receivers in the first instance.

Reporting

As set out in our letter to investors dated 5 May 2010, we expected to provide a further update to secured debenture investors by 30 July 2010.

We advise that there is several property transactions scheduled to occur in the first week of August and therefore we intend to delay reporting for one week to 6 August 2010. Subject to these property transactions occurring as scheduled, we expect to be able to announce the timing and quantum of the first interim distribution to secured debenture investors.

15 June 2010

PwC had a good response from interested parties with indicative bids due on Tuesday 15 June, 2010. It should be noted that a number of the loans are complex and will require further due diligence before final offers can be established. Accordingly, the Receivers don't expect to have a final position on a sale until next month.

The receivers of Strategic Finance Limited (in receivership) (SFL) have become aware of a number of unsolicited offers made to stockholders of SFL seeking to purchase SFL debenture stock (Stock).

The receivers of SFL:

stress that they are still reviewing the assets and financial position of SFL, and that it is too early for them to be able to give any guidance as to the likely return which SFL stockholders may ultimately receive in respect of their Stock, and that consequently the true value of the Stock is currently unknown;

urge SFL stockholders to seek independent advice before deciding whether or not to sell any of their Stock;

refer SFL stockholders to the news release by the New Zealand Securities Commission dated 27 January 2010

11 May 2010

Receivers 1st report to Investors

07 May 2010

Letter to Investors
This letter was mailed to secured debenture investors today.

18 March 2010

Perpetual Trust Letter on Strategic Finance

12 March 2010

Media Release: Receivers appointed for Strategic Finance Limited.

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