Hanover Finance Companies Distribution

The Distribution Project has now closed

Deloitte was the independent agent appointed by the Financial Markets Authority to implement and oversee the distribution of settlement monies to eligible investors in Hanover Finance Companies.

The project is now complete. 

All eligible investors who were able to establish and confirm details of their claim have now been paid.  95% of eligible investors were located, had claims verified and paid their pro-rata share of the settlement.  If you are an eligible investor but you have not yet come forward, the funds available to you have been passed across to Inland Revenue and remain as Unclaimed Monies. 

Please contact them if you want to make a claim:

Unclaimed Money

Inland Revenue

PO Box 3822

Wellington Mail Centre

Lower Hutt 5045

Email:  unclaimed.monies@ird.govt.nz

Background

The Financial Markets Authority (FMA) and former directors of the Hanover Finance Companies (Hanover Finance Limited, United Finance Limited and Hanover Capital Limited), together with the former directors of Hanover Group Limited have reached a settlement of the civil proceedings commenced by the FMA in March 2012. The civil proceedings were brought by the FMA for alleged breaches of the Securities Act arising from what the FMA considers were misleading statements in offer documents relating to the financial position of the Hanover Finance Companies. As part of the proceeding, the FMA sought compensation for investors who had subscribed for securities in the Hanover Finance Companies, on the faith of the offer documents distributed in relevant period from 7 December 2007 to 23 July 2008, and who were not repaid prior to the moratorium of the Hanover Finance Companies.

As part of the settlement, a compensation payment of $18 million has been made, which is to be distributed to eligible investors in the Hanover Finance Companies. Deloitte, as an independent third party, was been appointed to design, manage and oversee the distribution process. 

In May 2018 this project was completed. 

If you would like to access past details of the settlement and the distribution please click here.