Dominion to fight receivership

Dominion Finance Group intends to fight the receivership imposed by trustee Perpetual Trust, Businessday reported. The report says that the company was writing to debenture holders in a bid to find the 10% of debenture holders needed to call a meeting to get support for a company proposal to wind down under the oversight of an independent specialist as had been agreed for sister company North South Finance. "The support we are getting I don't think 10% will be a problem," Dominion Finance Deputy Chairman Terry Butler said. North South Finance was allowed to seek a moratorium by Covenant Trustees. Dominion Finance's trustees are Perpetual Trust. ASB and BOS International control about one third of North South's debenture stock. HBOS controls more than 10% of Dominion Finance's debenture stock.

Here is the link to the Businessday article.