propertyfinance securities limited (PFSL) is now in a director-governed moratorium. The moratorium allows limited trading while PFSL realises its assets over time, and uses the proceeds from assets to repay its secured debenture holders.
The Company has been exempted from a number of requirements pursuant to the Non-bank Deposit Takers Act 2013 (Act), on the basis that it is in moratorium and does not accept any subscriptions from the public for debt securities –
(i) the requirement in section 23(1) of the Act to have a credit rating; and
(ii) the governance requirements in section 25(1) and (2) of the Act; and
(iii) the capital ratio requirements in sections 34(1) and 35(1) of the Act; and
(iv) the liquidity requirements in sections 40(1) and 41(1) of the Act.
Full details are set out in the Deposit Takers (propertyfinance securities limited) Exemption Notice 2014 which can be found in the Legislation section of the Debenture Holders area of this website.
The PFSL business now operates on a reduced scale as it manages the downsizing of its activities in response to both its internal issues and the wider market changes as has been widely reported in the media.
The remaining PFSL assets are funded through secured debenture stock. The Directors are actively managing the historical assets that remain so these can be either collected or sold with the proceeds distributed to secured debenture holders and the moratorium concluded.
We respectively refer you to the options set out below with regard enquiries.
Debenture Holders click here
Loan Enquiries click here