Dominion Finance placed in liquidation

Dominion Finance has been placed in liquidation by resolution of the company's creditors at a watershed meeting on February 2. Andrew John McKay and John Joseph Cregten, of Corporate Finance Limited, Auckland, were appointed joint and several liquidators. One of Dominion Finance's subsidiaries, Dominion Finance Group, is currently in receivership, with its other subsidiary, North South Finance, in moratorium. Dominion Finance Group froze NZ$224 million in 6,055 deposits in June 2008, while North South Finance had NZ$85.5 million in 6,925 deposits. See our definitive Deep Freeze list for more on finance company failures in New Zealand.