NZF Group in legal bid to access frozen assets

Peter Huljich. Photo / APN
Peter Huljich. Photo / APN

NZF Group will seek to have an interim freezing order on its assets lifted at a one-day hearing in the High Court at Auckland on April 27.

In July 2011, receivers KordaMentha were appointed to the NZF subsidiary, NZF Money.

Early this month, KordaMentha said it intended to file proceedings against NZF and certain past and present directors who were directors as at October 20, 2010, of NZF Group.

The receivers also successfully applied for a freezing order over the assets of NZF Group.

The directors were Richard Waddel, John Callaghan, Mark Thornton, Peter Huljich and Pat O'Connor.

The proceedings relate to an internal restructuring of NZF Homeloans in October 2010 which they alleged to be an insolvent transaction.

The interim orders mean the company cannot deal with or dispose of any assets, except for very limited purposes.

NZF Money started trading as New Zealand Finance (NZF) in 1997 and listed on the New Zealand Stock Exchange in 2004 as New Zealand Finance Holdings (NZFH).

NZFH later changed its name to NZF Group.

The company founders, Callaghan, Thornton and O'Connor, are still key shareholders in the business, according to the company website.

Huljich, who is also a shareholder, made headlines last December when he was fined $112,500 in Auckland District Court for his part in misleading investors about his KiwiSaver scheme. The charges related to misrepresentations of the performance of the firm's KiwiSaver scheme.

- APNZ

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