It was seen lately that St. Laurence, which is Wellington’s property investment company confronted its trustee company by putting a new plan to its investors.

It was also noticed that St. Laurence’s 11,500 investors who owed $250 million approved to a halt in November 2008. Whereas, it was told by Kevin Podmore the Managing Director that the company had become bankrupt, because of which its equity was wiped out.

It was also told that the non tradable shares were detained by St. Laurence Holdings which is a new company and would possess all of St. Laurence Ltd's assets.

Mr Podmore said in late June the investors disagreed to the planned meeting and announced that St. Laurence would be put in receivership.

Matthew Lancaster who is the Perpetual Trust head of Corporate Trust explained that St Laurence did not have the authorization from the trustee to make the offer to investors.

"This letter did not have our approval. In fact, we specifically asked that the letter not be sent", said Mr. Lancaster.

It was noticed that the money transferred by Mr. Podmore in personal assets to St. Laurence was $10 million and further proposed a limited guarantee for $20 million through his investment vehicles.