Liquidators of Strategic Finance say they are investigating transactions connecting company directors and third parties and are "progressing pursuit of possible avenues for recovery". The finance company, likely to repay just a fraction of the $360 million it owes investors, is also under investigation by the Securities Commission.
In their latest liquidators' report filed on February 17, John Cregten and Andrew McKay of Corporate Finance said they had "identified a number of transactions which require further investigation" but gave scant information about their progress or chance of getting money for creditors.
It was impossible to say when their job would be complete, they said, "as this will depend on any action the liquidators may take in respect of transactions entered into by the company prior to liquidation".
Mr Cregten told BusinessDay the biggest problem had been collating the volume of documents.
"It just takes time," he said. "In the next six months we should be able to say what progress we've made."
He said the transactions being investigated involved "both directors and third parties".
Strategic's directors are Kerry Finnigan, Jock Hobbs, Graham Jackson, Marc Lindale, Denis Thom and David Wolfenden.
No receipts or payments were made in the liquidation since their appointment last July.The main responsibility for recovering money so far is on receivers John Fisk and Colin McCloy of PricewaterhouseCoopers, who are trying to realise cash from Strategic's property development loans.
Since their appointment last March about $9m has been recovered and $7.4m was paid to investors in September.
The estimated recovery is between 12c and 35c in the dollar, before costs.Last month, receivers said they had identified several transactions between December 2007 and August 2008, when Strategic collapsed, warranting further investigation.One was being investigated by SFL's liquidator and the rest by the receivers, they said.
In their latest liquidators' report filed on February 17, John Cregten and Andrew McKay of Corporate Finance said they had "identified a number of transactions which require further investigation" but gave scant information about their progress or chance of getting money for creditors.It was impossible to say when their job would be complete, they said, "as this will depend on any action the liquidators may take in respect of transactions entered into by the company prior to liquidation".
Mr Cregten told BusinessDay the biggest problem had been collating the volume of documents.
"It just takes time," he said. "In the next six months we should be able to say what progress we've made."
He said the transactions being investigated involved "both directors and third parties".
Strategic's directors are Kerry Finnigan, Jock Hobbs, Graham Jackson, Marc Lindale, Denis Thom and David Wolfenden.
No receipts or payments were made in the liquidation since their appointment last July.The main responsibility for recovering money so far is on receivers John Fisk and Colin McCloy of PricewaterhouseCoopers, who are trying to realise cash from Strategic's property development loans.
Since their appointment last March about $9m has been recovered and $7.4m was paid to investors in September.
The estimated recovery is between 12c and 35c in the dollar, before costs.Last month, receivers said they had identified several transactions between December 2007 and August 2008, when Strategic collapsed, warranting further investigation.One was being investigated by SFL's liquidator and the rest by the receivers, they said.
