The trustees of Strategic Finance have appointed new liquidators to the failed property lender. These liquidators will have more powers than receivers PricewaterhouseCoopers to analyze and look into all the deals undertaken by Strategic Finance.   

The new liquidators that have been appointed include Corporate Finance's John Cregton and Andrew McKay.

It was revealed by Perpetual Trust's Head of Corporate Trust, Matthew Lancaster that the liquidators have been appointed since there were concerns that the investors of Strategic Finance may not get suitable returns. The liquidators will also ensure that the investors are able to get a better deal.     

The liquidators will specially look at transactions that took place in June 2008 till Perpetual Trust was appointed as receivers.  

Perpetual Trust has appointed PricewaterhouseCoopers' John Fisk and Colin McCloy as receivers of Strategic Finance in the month of March this year. The receivers revealed that they want to scrutinize all the deals undertaken by Strategic and the various Companies associated with it. They also assured investors that they will try to recover as much money as possible.  

Strategic Finance reportedly owes an amount of NZ$417 million to its almost 13,000 investors. The Company’s Directors included former All Blacks captain and New Zealand Rugby Union Chairman, Jock Hobbs.

Its projects included financing Auckland's Soho Square Development and the Sentinel Tower project in Takapuna.