Securitibank’s last pay-out

Press, 19 October 1987, Page 15

Securitibank’s last pay-out

PA Auckland Final pay-out by the Securitibank merchant banking and finance group, which collapsed 11 years ago, will go to nearly 5000 investors this month. Merbank Corporation, one of six major Securitibank companies, will pay a final dividend of 8.25 per cent on proven debts. The liquidator, Mr Harold Goodman, slid $2.4 million was being paid to unsecured creditors in terms of a court judgment for distribution of any surplus by way of interest. Merbank was the only company with surplus funds, and there would be no payments for other

companies. He said all unsecured creditors in all companies had previously been paid 100 c in the dollar on their original debts. Fully secured creditors of the group had already received payment in full, including interest to the date of repayment, Mr Goodman said. They had no entitlement to further funds. “Other than statutory requirements, which will take some months to finalise, completion of this major and exceedingly complex liquidation can be considered to be at an end as it nears its 11th anniversary," he said. Cheques should be received before the end of the month.