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The long list of Receiverships in Debenture Companies

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We track a number of different business failure statistics  and one of the standout things we have noticed is the spectacular level of failures in the Debenture Market.  The most recent failure was Provident Capital in July 2012.  But it is at the tail end of a long list of eleven appointments of Receivers to property financiers who had issued Debentures.  The level of debt covered by the Debentures is $1.4 billion.  That is a lot of money and much of it is owed to mums-and-dads.  Check out the list of failures:

Date

Company

Receiver

Amount Owed

$m

Mar 2007 Fincorp Group Ferrier Hodgson

200

Mar 2007 Australian Capital Reserve PwC

332

Jul 2007 Bridgecorp Finance BRI Ferrier

19

Feb 2008 Donovan Oates Hannaford Mtge Corp PwC

209

Jul 2008 Elderslie Finance PwC

132

Aug 2008 LKM Capital BRI Ferrier

63

Aug 2008 Cymbis Finance Australia PwC

64

Oct 2008 Momentum Mortgages McGrathNicol

36

Oct 2008 Grenfell Securities McGrathNicol

57

Feb 2009 South Eastern Secured Investments Korda Mentha

178

Jul 2012 Provident Capital PPB Advisory

131

TOTAL

1,422

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