Irongate Property Limited (In Receivership) - FAQs
Frequently asked questions about the receivership.
What has happened to Irongate Property Limited?
David Vance and Barry Jordan, Partners of Deloitte in Wellington, have been appointed receivers of Irongate Property Limited (“Irongate” or “the Company”) and 11 of Irongate’s subsidiaries.
Why were receivers appointed?
Following a breach of its Trust Deed and an extensive review of the Company, particularly given the determination of its current and projected solvency, the directors invited the appointment of receivers, with agreement from the Trustee.
Are all Irongate companies in receivership?
Not all companies in, or the investments held by, the Irongate Group are in receivership. Specifically, St John Balanced Property Fund Limited, Superstore Properties Limited, College Road Holdings Limited, Elwood Road Holdings Limited, Lending No 1 Limited and Lunn 112 Limited are not in the receivership.
The 11 subsidiaries that are in receivership are:
- SL 255 Limited
- SL Albany 46 Limited
- SL Central Park Limited
- SL Properties (Auckland) Limited
- SL Properties (Palmerston North) Limited
- SL Properties (Wellington) Limited
- SL Property Holdings Limited
- SL Quay Park Limited
- SL Security Holdings Limited • St Laurence Properties Limited
- Thorndon Property Fund Limited
If I am a bond holder, what happens to my investment?
All payments to bond holders have been suspended. The suspension will continue while we assess the position of the Company.
Where does my investment rank in priority for distribution on receivership?
The Trust Deed sets out the priority for distribution in a receivership. The bonds rank behind amounts owed to TEA Custodians (Bluestone) Limited and Bank of New Zealand Limited under general security agreements. In addition Westpac and Allied Nationwide Finance hold specific securities over certain properties which rank ahead of the bonds. The bonds however, rank ahead of other secured creditors, unsecured creditors and shareholders.
What happens in the receivership going forward?
The receivers immediately took control to secure the assets of Irongate and commenced a review to determine the Company’s financial position. A first letter investors will be sent in July 2011, which will outline our initial findings and some initial information on the expected realisation for investors. The first Receivers report will be prepared and along with any updates will be uploaded to our website when available at www.deloitte.com/nz/irongate
When will we know if we will get our money back?
The receivers are currently assessing the financial position of the company and hope to be in position to provide an estimated return to investors in their first letter.
If I receive an offer for the purchase of my investment, what should I do?
The Receivers cannot provide advice as to whether or not you should accept the offer. We strongly advise that you take independent advice before making any decision.
If I have changed my address, bank account or contact details, or are transferring my investment to another party who do I advise?
All changes in investor’s details and transfers should be sent to Computershare Investors Services Limited at the following address:
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Phone +64 9 488 8777
Fax +64 9 488 8787
Please note that any change of address or bank account details must be submitted in writing and signed by all investors who hold the account.
If I have more questions, how can I get these answered?
Please email us with any questions specific to Irongate Property Limited (In Receivership). Just click here select the company name from the drop down list, fill in your details and click the send button.
If you prefer to speak to someone, a dedicated phone line is currently available until further notice on 0508 447 664 (0508 4 IRONGATE) We can be contacted by post at the following address:
Irongate Property Limited (In Receivership)
PO Box 1990
Updated: 3 May 2011