$27m National Finance loan book for sale

Failed used car loan firm National Finance 2000's loan book is on sale to the highest bidder as receivers seek to recover millions of dollars of investors' funds.

Receiver Colin McCloy of PricewaterhouseCoopers said he would be offering the loan book for sale this weekend.

PricewaterhouseCoopers had received expressions of interest. "Now we're going to formalise that and invite interested parties to submit a bid."

McCloy has estimated only about 30 to 50 per cent of the company's $27 million in loans to 3765 individuals or companies is recoverable.

McCloy also said he would file a detailed report on the receivership to the Companies Office next week. A copy would also go to 2026 debenture stock holders, who between them are owed $25.5 million.

National Finance provided loans to customers purchasing vehicles from related company Payless Cars' four Auckland yards.