New Zealand: Geneva Finance Hits the Wall
November 5th, 2007Via: National Business Review:
Geneva Finance has secured a moratorium on capital withdrawals for the next six months at a shareholder meeting in Auckland today.
The moratorium resolution passed by an “overwhelming majority,” the company said in a statement.
During the moratorium investors will receive interest payments monthly. Geneva will continue to trade and lend to build up cash reserves, but will accept no new investments.
A third party, on behalf of the trustee, would monitor Geneva to ensure it kept to the conditions of the moratorium.
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