Banned director eyes finance work

Allan Ludlow says he may take some role but not as a director. Photo / Supplied

Allan Ludlow, who was banned from being a company director following the receivership of his company National Finance 2000 three years ago, may go to work for his son's new company Jetfinance Limited, he said yesterday.

Companies Office records show that Jetfinance was incorporated last week and Thomas Allan Ludlow is the sole director and shareholder.

When the Business Herald rang the contact number, Allan Ludlow answered and confirmed it was his son Thomas Ludlow who had incorporated Jetfinance. Ludlow said he was mindful of the ban on him running or managing a company for the next four years. "I may well end up working for Jetfinance in some role, but as far as being a director goes, no.

"I've got 15 years' experience in the finance industry - what else am I supposed to do?"

The ban was put in place in October last year. Ludlow said he had received advice that as long as he did not "start acting arbitrarily as a company director" there was nothing to prevent him taking up a role at the company.

Ludlow, his former wife Carol Braithwaite and another director are facing charges under the Securities Act and Financial Reporting Act related to the collapse of National Finance 2000 Ltd. The car finance company and associated used car dealerships went into receivership in May 2006 owing $25.5 million to 2026 investors.

It was the first of a long string of failures in the sector that has lost or locked up as much as $6 billion in investor funds.

Recoveries from National Finance 2000 have been relatively high compared with other failed finance companies, with debenture investors so far receiving 40c in the dollar with further 7c to 8c likely according to the most recent report from PricewaterhouseCoopers.

Ludlow's previous finance company, also called National Finance, fell over in 1999.