Von Dadelszen creditors to be repaid in full

A group of trade creditors and investors hit by the collapse of investment advisory firm Von Dadelszen and Co will get all their money back by the end of next month.
Liquidator Tom Rodewald said company director Andrew von Dadelszen had made a further substantial payment, and he now held sufficient funds to repay all creditors in full.
"We are finalising outstanding queries on less than 10 claims and we are concentrating on getting everything ready for a payout by late October," said Mr Rodewald.
It's understood Mr von Dadelszen, an Environment Bay of Plenty regional councillor, has handed over $500,000 after being given financial assistance by his family.
Mr Rodewald could not yet confirm the shortfall in Von Dadelszen and Co, and associated Ravenscourt Finance - both companies went into liquidation on July 14.
In their first report, the liquidators said Von Dadelszen and Co's financial affairs seem to have been intermingled with those of Ravenscourt and other entities controlled by Mr von Dadelszen. It appeared then the indebtedness would total about $1 million.
Mr Rodewald said he was aiming to provide a statement of affairs by the end of the month.
After further investigation, it appears the indebtedness is closer to $500,000 than $1 million.
Mr von Dadelszen said on the day he pulled the plug he had a banking facility of $170,000 but it wasn't sufficient to meet the financial commitments.
"It makes the position look worse than it was. But if I had carried on I would have traded recklessly, so I called it quits and worked with the liquidator to get a solution," he said.
Mr Rodewald said 30 to 40 trade creditors and investors were owed money - though there were a lot more people involved.
Von Dadelszen and Co conducted shared and fixed interest transactions through fully fledged Auckland broker First NZ Capital. Some clients had funds sitting in their accounts at First NZ Capital and this money has been passed on.
Nationwide broking firm Forsyth Barr bought the Von Dadelszen and Co client list from the liquidators, and its investment advisers have liaised with First NZ Capital to tidy up other outstanding transactions.