Number 14 collapses

Another finance firm collapses – 17 Dec 2007 – NZ Herald: New Zealand Business and Personal Finance News

Numeria Finance has collapsed under a weight of debt owing $6.4 million.

[quote]Numeria Finance choked because of a lack of cashflow, the company’s trustee Pertual Trust said.

“It ran into a headwind with retainment of a couple of loans which led to the breach of its trust deed,” Perpetual corporate trust manager Matthew Lancaster told nzherald.co.nz

Mr Lancaster said Numeria hasn’t been issuing securities to investors since September.

Numeria is the 10th financier to have either been put into receivership or been in default of payments this year, and 14 th financier in the past year 19 months.[/quote]

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