Somers-Edgar’s Orange Finance faces receivership as moratorium draws to a close

Thu, 12 Jul 2012

By Paul McBeth July 13 (BusinessDesk) - Orange Finance, the lender owned by Doug Somers-Edgar and managed by his Matrix Funding Group, expects receivers will be appointed at the end of the month when its three-and-a-half year moratorium draws to a close. The Auckland-based finance company's freeze on the remaining $11.3 million of debenture stock comes to an end on July 31, and "it is expected that a receiver will be appointed by the trustee to realise any remaining assets of the company," Orange said in financial statements lodged with the...

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