Western Bay's sister company in voluntary liquidation

A sister company of Western Bay Finance has gone into voluntary liquidation.

Tom Rodewald from Tauranga has been appointed liquidator of Linsa Insurance. He says at this stage it looks like creditors will recover most, if not all of what they are owed.

Mr Rodewald says the company still has to have enough money set aside to honour any possible insurance claims over the next three years.

He says claims can be made under insurance policies until the policy expires.

He says liquidation does not stop that, and that this is one of the issues he will have to work through.

Mr Rodewald will present a preliminary report to creditors on Thursday. Linsa Insurance has links to Western Bay Finance, which went into receivership earlier this month.

- NEWSTALK ZB