Receivers step down

KordaMentha has taken over as receiver of Equitable Mortgages after a conflict of interest arose with Deloitte. Equitable Mortgages had around 6000 depositors and some $190 million in deposits. Approximately $178 million of these deposits are covered by the extended Crown Retail Deposit Guarantee Scheme. Yesterday a statement on the Deloitte website said continuing as the receiver of Equitable Mortgages might give rise to audit independence issues for Deloitte.