New book says South Canterbury Finance receivership was bungled

Tue, 07 May 2019

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...

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