Since finance companies in New Zealand began entering receivership in 2006, lawyers have reaped more than A$4.74m in fees, new figures revealed.
Some of the highest legal fee earners were Bell Gully's Murray Tingey, Chapman Tripp's Michael Harper and Turner Hopkins' Grant Cameron and Andrew Hooker, who all acted on the 2007 Bridgecorp receivership (NZ$1.97m). Interestingly, they brought in more money than PricewaterhouseCoopers receivers Colin McCloy and John Waller (NZ$1.93m).
The FiveStar receivership (NZ$610,000) was also notable involving Buddle Findlay's David Perry. Receiver PricewaterhouseCoopers' Richard Agnew raked in NZ$1.24m. Also a high-flying deal, the Capital+Merchant receivership brought a total of NZ$369,000 in fees for Buddle Findlay's Justin Toebes and Scott Barker. Receiver Grant Thornton's Tim Downes received a respectable NZ$1.28m.
Perhaps the most modest was Glaister Ennor's Jack Porus, who acted on the Numeria Finance receivership (NZ$5,000). Kordamentha receivers Grant Graham and Brendon Gibson raked in NZ$192,000.
|
|
Institution
|
Deposits
at risk
NZ$m
|
Likely
return
NZ$m
|
Receivers
|
Last report date
|
Receivers costs
NZ$m
|
Legal costs
NZ$m
|
as % of likely
return
|
|
Mar-06
|
NationalFinance 2000
|
25.5
|
12.0
|
PricewaterhouseCoopers
|
Nov-08
|
1.013
|
0.160
|
8.9%
|
|
Jun-06
|
Provincial Finance
|
296.0
|
269.0
|
PricewaterhouseCoopers
|
Jan-09
|
3.035
|
n/a
|
1.1%
|
|
Jul-06
|
Western Bay Finance
|
48.0
|
39.0
|
Ferrier Hodgson/Korda Mentha
|
Sep-08
|
0.933
|
0.296
|
3.1%
|
|
Jul-07
|
Bridgecorp
|
458.7
|
59.0
|
PricewaterhouseCoopers
|
Jul-08
|
1.931
|
1.973
|
6.2%
|
|
Aug-07
|
Nathans Finance
|
174.0
|
17.0
|
PricewaterhouseCoopers
|
Aug-08
|
0.650
|
0.248
|
5.0%
|
|
Aug-07
|
FiveStar
|
51.1
|
10.0
|
PricewaterhouseCoopers
|
Aug-08
|
1.239
|
0.610
|
15.6%
|
|
Aug-07
|
propertyFinance
|
170.0
|
17.0
|
Korda Mentha
|
Feb-08
|
0.371
|
0.158
|
3.0%
|
|
Sep-07
|
LDC Finance
|
19.3
|
19.0
|
PricewaterhouseCoopers
|
Sep-08
|
0.308
|
0.259
|
2.9%
|
|
Oct-07
|
Clegg & Co
|
15.1
|
8.0
|
BDO Spicers
|
Oct-08
|
0.384
|
0.080
|
5.5%
|
|
Nov-07
|
Capital+Merchant
|
190.0
|
2.0
|
Grant Thornton
|
Nov-08
|
1.278
|
0.369
|
45.2%
|
|
Dec-07
|
Numeria Finance
|
6.7
|
2.0
|
Korda Mentha
|
Jun-08
|
0.192
|
0.005
|
9.0%
|
|
Apr-08
|
Lombard Finance
|
127.0
|
24.0
|
PricewaterhouseCoopers
|
Oct-08
|
0.663
|
0.497
|
4.6%
|
|
Apr-08
|
Kiwi Finance
|
1.7
|
0.2
|
PricewaterhouseCoopers
|
Nov-08
|
0.144
|
0.085
|
53.4%
|
|
May-08
|
Fairview NZ (Cymbis)
|
6.9
|
1.5
|
Deloitte
|
Nov-08
|
tba
|
tba
|
tba
|
|
|
Total
|
1,590.0
|
479.7
|
|
|
12.140
|
4.740
|
3.4%
|
Source: interest.co.nz