Strata Finance fails

Yet another finance company has failed. The Treasury has announced that they have defaulted in making a payment to at least one investor, and consequently have triggered "a default event under its Crown Deed of Guarantee". Strata is reported to be in wind-down mode, and has a rump of only 21 investors, owed less than half a million dollars in total. Treasury has confirmed that all these deposits are guaranteed under the Deposit Guarantee Scheme. You can see the full Treasury statement here >>> This brings the number of NZ finance industry failures to 47, affecting almost 190,000 accounts, and putting more than $6.1 billion of investors funds in jeopardy. You can see the full list of failures in our Deep Freeze list here >>>