9 Apr 2009

Five Star directors given five-year ban

6:07 am on 9 April 2009

Three directors of the failed finance firm Five Star Finance have been banned from running companies in New Zealand for five years.

The company went into receivership in August 2007 owing 291 depositors more than $43 million.

Marcus Arthur MacDonald, Nicholas George Kirk and Anthony Walpole Bowden are facing charges including alleged reckless trading and maintaining adequate books and records.

Deputy Registrar of Companies Peter Barker says the men failed to carry out their duties as directors and were partly responsible for the demise of Five Star.