The New Zealand finance company FE Investments Limited (FEIL) has gone into receivership and all payments of principal and interest to deposit holders have been suspended.
FE Investments is a relatively small non-bank deposit taking finance company with $54.3 million in retail investments.
The majority of the company’s 617 investors are individuals, rather than trusts and other entities. Eighty-four percent of its investors are based in New Zealand.
The company made the announcement on its website this afternoon.
“The Receivers will shortly write to all known deposit holders advising them of the receivership and the likely next steps. Further communication with deposit holders will likely be in May 2020, when the Receivers will provide further information about FEI and the receivership,” the announcement said.
Late last year the Reserve Bank said it was monitoring the state of affairs at