Receivers First Report on the State of Affairs. Pursuant to Section 23 of the Receiverships Act 1993
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1 Five Star Consumer Finance Limited, Company Number: Beverage Rental Limited, Company Number: Vintage Finance Limited, Company Number: Vintage Rentals Limited, Company Number: (All In Receivership) together ( the Companies ) Receivers First Report on the State of Affairs Pursuant to Section 23 of the Receiverships Act 1993
2 Introduction We, Richard Dale Agnew and Anthony David Kenneth Boswell, Chartered Accountants of Auckland, were appointed receivers of Five Star Consumer Finance Limited ( Five Star ), Beverage Rentals Limited ( BRL ), Vintage Finance Limited ( VFL ) and Vintage Rentals Limited ( VRL ) together ( the Companies ) by the Trustee, Covenant Trustee Company Limited ( the Trustee ) on 29 August We were appointed under the terms of the Debenture Trust Deed dated 27 April As the Companies operations are intricately combined we have chosen to prepare a joint report for the receiverships as we believe this presents a clearer picture to all parties involved. This report has been prepared by us in accordance with and for the purpose of Section 23 of the Receiverships Act 1993 ( the Act ). It is prepared for the sole purpose of reporting on the state of affairs with respect to the property in receivership and the conduct of the receiverships. In compiling this report we have relied on the accuracy of all relevant information provided by the management of the Companies. Whilst all care and attention has been taken in compiling this report, we do not accept any liability whatsoever arising from this report. We reserve the right (but will be under no obligation) to review this report in the light of any information which now exists but becomes known to us after the date of this report. Events Leading to Our Appointment Five Star is an Auckland based finance company which had a registered prospectus and issued secured debenture stock to the general public. After consultation with Five Star s auditors and advisers, the board of directors concluded that Five Star was unable to operate given the lack of liquidity and the reduced reinvestment rate in the market place. As such Five Star s board of directors requested the Trustee appoint receivers. All information contained in this report is for the confidential use of the parties to which it is provided in accordance with Sections 26 and 27 of the Receiverships Act 1993, and is not to be disseminated or passed to any other person without our prior written authority or in accordance with law. Page 1
3 Particulars of Debts and Liabilities outstanding at the Date of the Receiverships Requiring to be Satisfied from the Property in Receivership Class of Creditor Name of Creditor Nature of Claim Note Secured Debenture Investors Covenant Trustee Company Limited Preferential Creditors Inland Revenue Inland Revenue Inland Revenue Inland Revenue Employees Unsecured Creditors Various Secured Debentures PAYE GST RWT NRWT Holiday Pay & Redundancy Goods and services supplied 1 Amount of Claim $ 000 $ * 2 * 2 * 3 88 $ * 4 $530 Notes 1. Balance of outstanding to Secured Debenture Investors at the date of our appointment. 2. The GST, RWT and NRWT tax position for the Companies are still being reconciled at the date of this report. 3. Total value of the 37 unsecured creditors claims received up to the date of preparation of this report. Particulars of Assets The table below summarises the consolidated Statement of Financial Position of the Companies as at 31 August 2007, based on draft, unaudited management information. We stress that in the time available to us we have relied upon the information provided and have not as yet independently verified all this information. The key elements of the Statement of Financial Position are as follows:- The Companies As at Statement of Financial Position 31 August 2007 Draft and Unaudited Total Note (NZD'000) Loan Books ,520 Provision for Doubtful Debts 1.1 (1,018) Intergroup Advances 1.2 7,457 Accounts Receivable Fixed Assets Other 20 Total Assets 73,187 Secured Debenture Investors ,429 Inter-Group Borrowings 1.6 6,380 Accounts Payable 1.7 2,500 Total Liabilities 63,309 NET ASSETS 9, Loan Book General The Companies major asset is the Loan Book. There are a total of 11,194 loans with a total book value of $65.52m. All
4 loans, except one, have been made to New Zealand based clients. The Statement of Financial Position details provisions for doubtful debts of $1.018m. In our view this is significantly understated. Further substantial provisions are required. The Loan Book of $65.52m (before provisions for doubtful debts) can be broken down into four distinct categories as detailed below. The Companies Number Total Value Summary of Loan Book of loans of loans Draft and Unaudited of loans $000 Commercial 72 40,965 Consumer 9,267 19,436 Vineyard 72 3,971 Other 1,783 1,148 Total value of Loan Book 11,194 65,520 Commercial Loans $40.965m Five Star provided 72 commercial loans to private individuals and entities in New Zealand and one in Australia. Our preliminary review indicates there are a number of high value, complex loans which appear to be outside normal commercial lending practices. Further information and investigation is required and we are working with a number of third parties in this process. However, it is clear that this will be a time consuming exercise. A substantial portion of the additional provisions for doubtful debts required relates to the commercial loans. The need for additional provisions for doubtful debts is reflected in the estimated recovery range. Consumer Loans $19.436m Five Star provided 9,267 consumer loans to private individuals who purchased consumer goods on finance from certain retailers and door to door salespersons throughout New Zealand. The consumer goods financed by Five Star were generally secured by registration on the Personal Property Security Register. The Five Star credit team continues to engage with the consumer borrowers to collect the consumer loans. We will monitor collections closely and look to streamline the processes wherever possible to enhance recoveries. Particular initiatives being implemented or being investigated to date include - Streamlining and tightening of the credit collection process; Rationalisation of collection agents; Changing employees working hours to lengthen collection team coverage to date throughout the day; We believe that the best course of action, to realise the maximum value for this loan book, is to market it for sale. Page 3
5 Vineyard Loans $3.971m The Companies have provided 72 loans to a number of vineyards and wineries throughout New Zealand to finance plant, equipment and wine barrels. The finance provided in this context by Five Star is generally secured. We will monitor collections closely and look to streamline the processes wherever possible to enhance recoveries. We believe that the best course of action, to realise the maximum value for this loan book, is to market it for sale. A sales process in this regard has commenced. Other Loans $1.148m The Companies have provided 1,783 loans on coffee machines, security systems and store cards to a large number of private individuals and entities throughout New Zealand. The finance provided by Five Star in this context is generally not secured. We will be monitoring the collections process closely and will investigate possible options to sell these other loan books. Actions in this regard have commenced. 1.2 Inter-Group Advances Five Star Consumer Finance Limited (In Receivership) As at Unaudited Management Statement of Financial Position 31 August 2007 (NZD'000) Total Parent Company - Antares Finance Holdings Limited 3,812 Five Star Finance Limited 3,645 Total 7,457 Our initial review of the advances is that it is unlikely that substantial recoveries will be made from those loans. This is particularly so in light of the appointment of a receiver to FSFL. A large portion of the additional provisions for doubtful debts required, relates to the Inter-Group Advances. The need for additional provisions for doubtful debts is reflected in the estimated recovery range. 1.3 Accounts Receivable Accounts receivable of $728k relates to prepayments and other sundry debtors balances. Material recoveries from these assets are not anticipated. 1.4 Fixed Assets Fixed Assets of $480k are mainly office fixtures and fittings and computer software. Material recoveries from these assets are not anticipated. Inter-Group Advances of $7.457m represent amounts advanced to other group companies, outside of the Companies in receivership as detailed below - Page 4
6 1.5 Secured Debenture Investors The Secured Debenture Investors balance of $54.429m represents approximately 3,200 investments held by approximately 2,300 secured debenture investors. 1.6 Inter-Group Borrowings Inter-Group Borrowings of $6.380m represents amounts borrowed from another company in the Group. 1.7 Accounts Payable Accounts Payable of $2.5m consists of liabilities and accruals including Resident Withholding Tax, GST, commissions, employee entitlements and trade suppliers Proposals for Disposal of Receivership Property Throughout the early stage of the receivership it has been important to focus on securing and gathering information on the assets and operations of the Companies, communicating with stakeholders including investors, and forming preliminary views on likely realisation processes. Our aim has been to maintain the value of the non commercial receivables through continuing to operate the business. Most staff have been retained on an ongoing basis to assist with recoveries. To date we have been impressed by the level of commitment of management and staff. In what is a difficult time, considerable progress has been made in many areas. There are two principal scenarios likely for realising value from the finance receivables, being: Collect the loan ledgers and wind down the business by the receivers; or An outright sale. At this time we cannot comment further on the realisation strategies as this may prejudice the outcome of the receiverships. It is likely this process will take some months to finalise. Amounts Likely to be Available for Payment to Creditors other than Creditors of the Companies having Statutory Preferential Claims We have formally written to the secured debenture holders and of Five Star previously to advise them as to progress of the receivership and our initial assessment of the potential outcome of the receivership. Based on this, our preliminary estimate indicates that Five Star secured debenture investors could recover 26% to 40% of their original outstanding principal from the assets of the Companies. Given the estimated returns to secured investors, we regret to advise that there are unlikely to be any amounts available for payment to unsecured creditors. Page 5
7 Future Correspondence We have received a high volume of correspondence from investors and creditors, which we have endeavoured to reply to in a timely manner. Should investors or other stakeholders have any queries arising from this report please contact us via one of the following methods: - Web at: Our post office box (Five Star Consumer Finance, C/- PricewaterhouseCoopers, Private Bag , Auckland), or by facsimile on Dated this 29th day of October 2007 Richard D Agnew Anthony D K Boswell Receiver Receiver Page 6
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