1 Sep 2011

St Laurence receiver to make further payment

6:53 am on 1 September 2011

The receiver of the failed finance firm, St Laurence, will make a payment of 3 cents to investors later this month.

The company owed investors $212 million when was put into receivership last April.

Investors have already received 9c in the dollar from the receivers, in addition to the 10c paid when it was in moratorium.

Deloitte's Barry Jordan says the receivers are nearing the end of the loan recovery process and still expect the total payment to investors to be at the lower end of 15c - 22c in the dollar.

Recently, the trustee, Perpetual Trust, called a $20 million guarantee provided by director Kevin Podmore and three associated companies, who have three months to pay the money.