2 Apr 2010

Vision Securities in receivership

5:57 pm on 2 April 2010

Auckland-based finance company Vision Securities has gone into receivership, but all its investors will get their money back.

The firm is covered by the Government's retail deposit guarantee scheme, which means the company's 1000 investors will be repaid the $30 million they are owed.

Vision Securities is the third failed finance company to be covered by the Government plan.

Under the scheme, investors are paid by Treasury, which then seeks to recover some of the costs from the company's receiver as a creditor.