4 Oct 2008

Directors of failed finance company face court

11:32 am on 4 October 2008

The directors of a failed finance company are to appear in court on criminal charges later this month.

Trevor Allan Ludlow, Anthony David Banbrook and Carol Anne Braithwaite, who headed National Finance 2000, are accused of making untrue statements in the firm's registered prospectus.

The Companies Office accuses them of wrongly stating that they made proper and adequate provision for bad debts, and that loans were secured by general security agreements.

The directors are also charged with failing to comply with financial reporting standards.

National Finance 2000 went into receivership in May 2006, owing an estimated $24million.

The three defendants will appear at Auckland District Court on 23 October.