New book says South Canterbury Finance receivership was bungled

New book says South Canterbury Finance receivership was bungled
Jenny Ruth
By Jenny Ruth May 8 (BusinessDesk) - McGrathNicol has been accused of mismanaging the South Canterbury Finance receivership by selling its assets too fast at fire-sale prices and charging outsized fees. Kapiti Coast financial advisor Chris Lee’s new book, The Billion Dollar Bonfire, accuses the accounting firm of producing “the worst outcome I have ever observed” and is calling for a change in the law to include a system of overseeing receivers. He makes a strong case: McGrathNicol’s receivership ran for less than two years, far shorte...

More Finance

RBNZ signals U-turn on bank capital requirements
Finance

RBNZ signals U-turn on bank capital requirements

A major shift at RBNZ's first public outing since Adrian Orr's sudden departure.

Pattrick Smellie 31 Mar 2025
Grenon seeks to end ‘futile’ NZME board stoush
Finance

Grenon seeks to end ‘futile’ NZME board stoush

It's time for the current board to fold 'em, says coup orchestrator. 

Pattrick Smellie 26 Mar 2025
Wow. It’s all basketball!
Finance

Wow. It’s all basketball!

US investment in basketball is lapping at our shores in more ways than one.

Pattrick Smellie 25 Mar 2025
FMA files criminal charges against David McEwen
Finance

FMA files criminal charges against David McEwen

New Zealand’s financial watchdog has filed criminal charges against former financial adviser David McEwen for allegedly failing to comply with a stop order, which prevented him from contacting potential investors.The Financial Markets Authority (FMA) had made a permanent stop ord...

Staff reporters 18 Mar 2025