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Burbery Finance Limited had several subsidiaries:
Burbery Mortgage, Finance and Savings Limited
On 25 March 1961 Mervyn William Burbery (1934-2013) placed the following advertisement on page 17 of the PRESS, issue 29472:
"NOTICE is hereby given that an application has been lodged at the Magistrate’s Court at Christchurch for registration of MERVYN WILLIAM BURBERY as a Money Lender under the Money Lender’s Act. 1908. It is proposed to carry on business at 87 Balrudry street. Upper Riccarton. Christchurch, being the principal place of business. The full name and address of the money lender is MERVYN WILLIAM BURBERY. 87 Balrudry street, Upper Riccarton, Christchurch. The application will be heard at the above-mentioned Court after the expiry of one month from the 25th day of March, 1961, being the date of the first publication of this notice. M. W. BURBERY. "
On 11 August 1988, Page 1, the PRESS ran this story on Mervyn WIlliam Burbery:
Receivers called in on Burbery
By NEILL BIRSS
Receivers froze deposits and laid off staff of the Christchurch based Burbery Mortgage Finance and Savings, Ltd, yesterday. This was one of the first actions of Messrs Tony Lewis and John Orr, partners of Coopers and Lybrand, on being appointed receivers of the company, which has deposits from the public of about $25 million. A fully owned subsidiary of Burbery Finance, owned by Mr Mervyn William Burbery and his wife, Mrs Lorraine Burbery, Burbery Mortgage Finance and Savings has agents from Wanganui to Invercargill. The company’s main business has been lending at the riskier end of the market, on securities such as second and third mortgages, cars and furniture. It has charged high interest and paid high rates to its investors. At March 31, it had $28.9 million out in advances, $2.18M in money-market deposits and $2.5M in property development. The company’s total capital and reserves then were $1.6 million. Its current liabilities were $23.3 million and current assets $30.6M.
In a June 30 prospectus, the company was offering 15 per cent for deposits on call plus a 3 per cent bonus on the minimum balance over a quarter. It was offering 19 per cent for sixmonth deposits. The company seems to have been caught in the trap of lending long and borrowing short, and probably also by the poor quality of many of its securities.
The company was offering to lend up to $1 million on bridging finance for mortgages and said it would lend up to $lOO,OOO on “first, second, third, or fourth” mortgages on weekly repayments. it was lending up to $20,000 on the security of furniture and home appliances. The receivers were put in yesterday by the trustee of the debenture for the investors, AMP Perpetual Trustee Company N.Z., Ltd, of Dunedin. Mr Lewis said this had been done to protect the investors’ interests. He immediately laid off eight of the company’s 13 staff.
He will send a notice to all depositors within the next few days. It is believed there was a minor run on the company’s deposits in the last week, after rumours about its financial health, and that this precipitated the receivership.
On 31 January 2003, John Andrew Orr issued his Final Report filed with the companies office NZ, for Company number 141774 BURBERY MORTGAGE FINANCE AND SAVINGS LIMITED (IN RECEIVERSHIP):
Receivers Final Report on the State of Affairs of Burbery Mortgage Finanace and Savings Limited (In Receiversip). Pursuant to Section 24 of the Receiverships Act 1993. Reporting Period: 11 August 2002 to 31 January 2003.
Introduction: I, John Andrew Orr, Chartered Accountant of PricewaterhouseCoopers, Christchurch was appointed receiver of Burbery Morgage Finance and Savings Limited by AMP Perpetual Trustees NZ Limited, 187-195 Featherston Street, Wellington on 10 August 1988. We were appointed under the powers contained within a mortgage debenture dated 1 October 1983. The property in receivership comprises all of the assets, property and undertakings of the company. Mr Lewis resigned as a Receiver of the company on 8 May 2002.
My last report on the receivership was dated 10 October 2002 an covered the period 11 February 2002 to 10 August 2002. The receivership concluded on 31 January 2003.
Property Disposed of since 10 August 2002
No property has been disposed of since 10 August 2002. Details of interest carried are recorded in Appendix A
Proposals for Disposal of Remaining Property in Receivership
There is no further property in receivership available for disposal.
Particulars of Debts and Liabilities Outstanding a tthe Conclusion of the Receivership
$ 9,990,409.00 Debenture Holders secured by floating charge (principal only)
$ 7,805,791.00 Unsecured creditors
$17,796,200.00 Total
Unsecured Creditors
Due to the substantial shortfall no secured creditors no funds will be available for distribution to unsecured creditors.
Receipts and Payments
I attach as Appendix A, a statement of receipts and payments for the reporting period 1 August 2002 to 31 January 2003, being the date the Receivership concluded.
Dated this 31st day of January 2003.
https://paperspast.natlib.govt.nz/newspapers/CHP19880811.2.7?items_...