Investors vote to save collapsed finance firms from receivership

Directors of nine firms have won investor confidence in repayment proposals

Some of the thousands of investors who feared they had lost their capital in the collapse of 24 investment companies in New Zealand over the past two years have voted to grant nine of the firms a moratorium of three or five years in the hope that they will see repayments on at least their capital investments. The firms proposed repayment schedules were approved by investors during the last few weeks of 2008 rather than see the firms placed into receivership.