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Court battle ends: Provident Capital in receivership

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Australian Broker | 04 Jul 2012, 04:30 AM Agree 0
Lender Provident Capital had receivers appointed last night after legal action by the trustees of its debenture fund
  • Bluey | 04 Jul 2012, 10:50 AM Agree 0
    This is indeed a sad day. A good company railroaded into receivership, without due cause. Independent audits absolved the company of any financial difficulties but the Trustee went for the jugular. Seems someone high up with an axe to grind is behind this disgraceful episode. My thoughts are with the staff, owners and investors who have the most to lose.
  • Qld Broker | 04 Jul 2012, 10:56 AM Agree 0
    This appears to be one of a list of problems we as brokers have to deal with utilising boutique type lenders and Mortgage Managers as a pose to the big banks. We are asked to use them to help our current finance sector become a more even playing field but it has to be said at our risk and that of our clients. Not good enough.
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