Published 24 October 2008
The 3 directors of National Finance 2000 Ltd, Allan Ludlow, Tony Banbrook & Carol Braithwaite, have been remanded on bail in the Auckland District Court to a status hearing on Monday 3 November.
Mr Banbrook, an Auckland lawyer, appeared in court on Monday and the other 2 directors yesterday. The remand, in a back courtroom, is a court administration process – no charges are read out.
The Registrar of Companies, Neville Harris, has laid charges relating to untrue statements in the company’s registered prospectus and failure to comply with financial reporting standards.
Colin McCloy & John Waller (PWC) were appointed receivers of National Finance 2000 & 5 other companies in Mr Ludlow’s Payless Cars group in May 2006. The receivers sold the loan book to Cynotech Holdings Ltd (chairman Allan Hawkins) in October 2006.
National Finance 2000 was placed in voluntary liquidation on 22 July, with Bernie Montgomerie & Stuart Cunningham (Montgomerie & Associates) appointed. That voluntary appointment was invalidated on 1 August under new timing rules, but the High Court appointed the same liquidators on Inland Revenue’s application to wind the company up.
5 October 2008: National Finance 2000 directors face criminal charges
12 March 2007: National Finance receivers take principal repayments to 40c
8 October 2006: Allan Hawkins buys National Finance (Payless Cars) loan book
U column part 2, 28 May 2006: Handful of National Finance investors get money back now
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Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report. Want to comment? Email [email protected].
Attribution: Court call, story written by Bob Dey for the Bob Dey Property Report.