Online finance companies among 10 subsidiaries affected as creditor initiates action against parent company. 

lenders go into liquidation

Lenders Moola and Zooma Car Finance have gone into liquidation, after their parent company NZ Fintech Group Holdings was placed into receivership.

Thomas Rodewald from Rodewald Consulting has been appointed as receiver of the holding company and its associated businesses, NZ Fintech Group and NZ Fintech Services.

The move follows an application by the US-based venture capital firm Partners for Growth, which is the secured creditor of NZ Fintech Group Holdings and Moola.

The exact amount owed to Partners for Growth had not been confirmed but Rodewald says it is “substantial”, reports the NBR.

A total of 10 subsidiary companies have been put into liquidation following the appointment of the receiver, with Kieran Jones and Steven Khov appointed as liquidators for all of them.

Christchurch-based Moola operates online and offers short-term loans to consumers but it has fallen foul of the Commerce Commission on a number of occasions.

In October 2021, the company agreed to refund the interest and customers after admitting it failed to comply with the credit Contracts and Consumer Finance Act’s lender responsibility principles.

Moola also agreed in March last year to credit or refund $2.8 million to borrowers after reaching a settlement with the regulator after admitting it had charged unreasonable credit and default fees.

Following separate legal action taken by the commission against Moola, the high court in December 2021 granted declarations the business had engaged in cartel conduct relating to online advertising.

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