KEY POINTS:
Tough times in the motor vehicle industry have forced Hamilton car dealer and finance company Money Mart Direct into receivership.
Receivers PricewaterhouseCoopers were appointed late yesterday morning by creditor UDC, receiver Anthony Boswell said.
Money Mart Direct offered car finance, personal loans and debt consolidation, and had car dealerships in Hamilton, Palmerston North and Christchurch.
The three sites were closed yesterday for a stocktake, Boswellsaid.
Receivers were still working out the levels of assets and liabili-ties.
This month, the Waikato Times reported that Money Mart Direct owners Paul and Kelly Brown were putting their multimillion-dollar Te Rapa premises up for sale, and had put up a stock liquidation sign outside the Hamilton yard.
The Browns said the company had been moving stock to focus on newer family-style cars, and this did not mean it was in liqui-dation.
The Te Rapa premises were owned by a family trust.
- NZPA
