I received an interest payment advice for 30 June 2007. Why did I not receive the interest due to me when Bridgecorp was placed into receivership on 2 July 2007?
Bridgecorp was unable to meet its financial commitments to all investors immediately prior to the date of receivership. As a result, the interest due to be paid into your bank account was not processed prior to the appointment of the Receivers on 2 July 2007. One of the consequences of the receivership is that all scheduled but unpaid repayments (whether due before, on or after the date of receivership) cannot now be made as all the debts of Bridgecorp were frozen on the date of receivership (being 2 July 2007). Instead, Debenture holders will be repaid a pro-rata distribution of their investments as asset realisations are made by the Receivers from Bridgecorp’s assets.
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- I received an interest payment advice for 30 June 2007. Why did I not receive the interest due to me when Bridgecorp was placed into receivership on 2 July 2007?
