Provincial payouts total 92.2 per cent

The receivers of collapsed Provincial Finance Ltd have announced a final payment of 1.7c in the dollar, taking total payments to 92.2c, three years after the finance company collapsed.

Provincial owed 11,000 debenture holders about $296 million.

All the assets of Provincial Finance Ltd had now been realised, and a claim against Veda Advantage had been settled, said receiver Maurice Noone of PricewaterhouseCoopers.

The total cash repaid to secured debenture holders from the receivership will be $273 million.

"I am pleased to see the receivership reach its conclusion with a significant return for debenture holders.

"A number of parties have contributed to the outstanding result, and the staff and management of Provincial Finance Ltd deserve special thanks for their dedication, ongoing hard work and support in achieving this."

A final update to investors outlining the final payment will be sent this month.

- NZPA