29 Aug 2008

Bridgecorp finance company in liquidation

1:12 pm on 29 August 2008

Failed finance company Bridgecorp has been put into liquidation.

A registrar at the High Court in Auckland confirmed the company was put into liquidation on Friday morning, following an application by the Inland Revenue Department.

Bridgecorp collapsed in July 1997, owing about 18,000 mainly small investors about $500 million.

The company's founder, Rod Petricevic, was declared bankrupt in August this year after failing to pay $576,000 receivers say is owed for tax Bridgecorp paid on his behalf.

John Waller, the PricewaterhouseCoopers receiver, says the liquidation does not come as a surprise and they will work closely with the liquidators.

One of the liquidators, Kevin Newson, says the move is not likely to improve the outlook for investors.

The liquidators' first report is due within 25 days.