The application for stay in proceedings is related to the S79...

The application for stay in proceedings is related to the S79 applications and/or the following news from NZ:

Four NZ finance company directors charged
AAP November 05, 2013 10:13AM

FOUR more directors of a failed New Zealand finance company are facing charges of making untrue statements.

Mark Lawrence Lacy, Jason Robert Duncan Maywald, David Mark Anderson and Craig Robert White have all been charged by New Zealand's Financial Markets Authority (FMA) with making untrue statements in OPI Pacific Finance offer documents in 2007.

FMA head of enforcement Belinda Moffatt says the statements contained untrue statements about the performance and management of the business.

These including a failure to disclose adverse changes to the company's position after an the advance of $A100 million to MFS Pacific Investments Pty Ltd, a related party finance company based in Australia, she said.

OPI, which provided finance to entities involved in commercial property, went into receivership in September 2009 and was put in liquidation in November 2011.

More than 10,000 investors are owed about $NZ247 million ($A217.38 million), the FMA says. Secured debenture holders have been repaid up to 25 NZ cents in the dollar.

The men are due to appear in Auckland District Court on December 3.

Since 2006, 51 New Zealand finance companies have either gone into liquidation or receivership and directors of at least 10 companies have appeared in court.

http://www.couriermail.com.au/business/breaking-news/four-nz-finance-company-directors-charged/story-fnihsevj-1226753329626