Lombard Finance & Investments Limited (In Receivership)

This Web site is your primary source of information related to the receivership of:
  • Lombard Finance & Investments Limited
  • Lombard Property Holdings Limited
  • Lombard Asset Finance Limited
  • Lombard Asset Finance NO.2 Limited
Click here to make an online enquiry.

This site will be updated as information becomes available. We encourage you to visit this site if you have any concerns and/or additional inquiries.

 

 Latest information:


Update to Investors - 31 October 2009

In our letter to secured debenture investors dated 29 July 2009, we advised that a further update would be issued by 31 October 2009.

There are a number of matters that we are currently working on that we expect to resolve within the next few weeks.  Resolution of these matters is expected to enable us to provide a more informative report to investors.

For this reason, we intend to delay issuing our next report to no later than 30 November 2009.
29 July 2009: Letter to Investors

28 April 2009: Letter to Investors

We refer to our report dated 15 December 2008. In our report we advised that we were hopeful of being in a position to make an interim distribution to secured debenture investors by the end of March 2009. We further noted that a distribution was dependent upon loan recoveries occurring as forecast and confirmation of the IRD's final claims in the receivership.

Unfortunately, although loan recoveries have occurred as forecast, we have yet to receive confirmation of IRD's final claims in the receivership. IRD is currently undertaking an audit into the affairs of Lombard Finance & Investments Limited ("Lombard") and this may result in the identification of preferential claims against Lombard. Any preferential payments are required to be paid in full prior to any distribution to secured debenture investors.

The IRD are conscious that investors are awaiting an interim distribution in the receivership and have advised that the Lombard audit is being treated as a priority. The IRD are keeping us updated as to the progress of the audit.

We appreciate your patience during this period and we are aware of the importance of making an interim distribution to secured debenture investors. Once we have confirmation from the IRD of the likely timing of the completion of the audit, we will advise secured debenture investors. In the interim, we expect to issue a further report by 17 April 2009 as to the progress of the receivership.

 

John Fisk and John Waller, partners of PricewaterhouseCoopers, have been appointed receivers of Lombard Finance & Investments Limited (“Lombard”) and its subsidiaries; Lombard Asset Finance Limited, Lombard Asset Finance NO.2 Limited and Lombard Property Holdings Limited.