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A second finance company owned by former Capital + Merchant chief executive Owen Tallentire, Numeria Finance, was yesterday placed in receivership owing 480 debenture investors $6.4 million and becoming the 13th failure in the sector over the past two years.
Numeria's trustee Perpetual Trust said that while the company was associated with Capital + Merchant, its receivership was unrelated, and had been caused by "insufficient cashflows which have put the company in breach of its trust deed".
Perpetual said Numeria's directors, Tallentire and Neal Nicholls, had been working through "an orderly wind down" of the firm's loan book.
"However, given the uncertainties with the timing of repayments of some of the key loans in the company's book, we were concerned that fair and equal treatment of all investors couldn't be assured."
According to Numeria's September 2006 prospectus, its main areas of business were personal finance and business equipment leasing.
Brendon Gibson and Grant Graham of KordaMentha have been appointed receivers.
Numeria is owned by Capital + Merchant Group, the still-registered parent company of Capital + Merchant Finance according the Companies Office website.
Capital + Merchant Group is owned by Tallentire via Investment Capital Trust.
