2 Jun 2012

Crown secures South Canterbury Finance's remaining assets

8:12 am on 2 June 2012

The Government has secured the remaining assets of South Canterbury Finance from the failed lender's receivers in order to manage their sale itself.

Crown Asset Management will take over six finance firms that failed while they were part of the retail deposit guarantee scheme and where the Crown is the sole creditor.

The new entity will start talks with the other receivers for the transfer of assets, and it hopes to sell all of them within the next two years.

Last year, Finance Minister Bill English said he expected to save $13 million over two years from this move.