Home Companies Failed fin coys net PwC more than $10 million

Failed fin coys net PwC more than $10 million

Paul McBeth,  Thursday, 11 February 2010 21:13

Failed finance companies have netted PricewaterhouseCoopers more than $10 million since the sector collapse started in 2006.

The accounting firm has made about $11 million in receivers' fees and disbursements as it works to wind up seven failed finance companies, according to documents lodged with the Companies Office. With some of the receiverships likely to drag on, PwC is well-placed to continue to reap the rewards of untangling the companies' affairs.

The lion's share of this comes from the $3.27 million charged for Provincial Finance, which marked the start of the sector's collapse. This will likely be superseded by Bridgecorp, which was at $2.87 million at the September update last year.

PwC has made $1.36 million from Five-Star Finance, whose directors are facing criminal charges laid by the Companies Office, and about $1.2 million from Nathans Finance and VTL. It made $1.1 million from National Finance 2000, which sold its loan book to Allan Hawkins' Cynotech Holdings.

A spokeswoman for PwC said the firm does not comment on its fees.