Dominion Finance will look to gradually sell its assets, after its trustee turned down a proposed recapitalisation plan.
Dominion Finance Group and its associate firm, NorthSouth Finance, have both suspended payments to investors, who are owed a total of about $276 million.
The finance company now wants trustee approval to present stockholders and the group's banks with separate restructuring plans for what it calls an orderly sale of assets.
It says this is the best option, now a recapitalisation plan will not go ahead.
