NZF Group faces liquidation after the resignation of its auditor scuttled a proposal for a substantial restructure, and left the board with no option but to liquidate the company.
The Auckland-based financial services firm planned to seek an early redemption of $18 million owed to capital noteholders in cash and shares as part of a restructure that would have seen it buy a significant enterprise generating annual sales of more than $100 million, it said in a statement.
RSM Prince resigned as NZF's auditor, leaving NZF to find a replacement on the cusp of a major restructure and with a few weeks before the end of the financial year.
NZF was rebuffed by all but one audit firm, owing to its failed finance company and its inability to repay the capital notes in full, resulting in talks with the target business ending, it said.
Earlier this week, NZF restated its first-half accounts for a second time after consultation with the Financial Markets Authority, citing errors in comparative amounts and the disclosure shown in the accounts.