End for last of South Canterbury Finance group

The final steps are being taken to put the crippled South Canterbury Finance Group out of its misery.

John Fisk and David Bridgeman of PricewaterhouseCoopers said yesterday that they had been appointed as liquidators of eight companies within the group.

This follows the sale of the remaining non-cash assets to Crown Asset Management last week.

Fisk said he and Bridgeman would review the position of the eight companies to determine the most appropriate way forward to maximise returns to creditors.

The appointments had been made in the High Court at Wellington and the liquidations would be the final step in the insolvency process of the group.

Those companies under the South Canterbury Finance Group umbrella are Southbury Corporation, FCS Loans, ECAF, Quality Lease Cars, Galway park, ZNH Nominees, Hornchurch and SCF Hawkes Bay.

Most of those companies are either in receivership, liquidation or both.

Liquidation of the parent company of the group - Southbury Group - was expected within the next three months, Fisk said.