A final payment of 1.7c in the dollar, taking total payments to 92.2c, three years after the finance company collapsed has been announced by the receivers of collapsed Provincial Finance Ltd.

Provincial owed 11,000 debenture holders nearly $296 million.

Receiver Maurice Noone of PricewaterhouseCoopers said that all the property of Provincial Finance Ltd had now been realized, and a claim against Veda Advantage has been settled.

Sum of $273 million would be the total cash repaid to secured debenture holders from the receivership.

“I am pleased to see the receivership reach its conclusion with a significant return for debenture holders.”
 
“A number of parties have contributed to the outstanding result, and the staff and management of Provincial Finance Ltd deserve special thanks for their dedication, ongoing hard work and support in achieving this.”

Investors would receive a final update outlining the final payment this month.

(via TopNews New Zealand. Contributed by Girish Kumar Guha)