24 Jul 2008

Hanover TV ads should have ended sooner - specalist

12:13 pm on 24 July 2008

An insolvency specialist says Hanover Finance should have withdrawn its television advertising when problems first became apparent.

Hanover Finance announced on Wednesday it has frozen investments and repayments totalling $554 million, pending finalisation of a restructuring proposal.

Gerry Rea Associates specialises in insolvency.

Principal Gerry Rea says he's not surprised by Hanover's announcement, but the company should have acted sooner - particulary in relation to its television advertising campaign, which had promised to protect deposits 'whatever the economic weather'.