It was seen lately that Rockforte Finance which was Gisborne finance company had gone into voluntary receivership.
The depositors involved in Rockforte were 66 with $3.2 million.
It was told by the company's spokesman that the deposits were government guaranteed and all investors would be receiving 100% of their money and interest back.
He added that the new compliance costs were too high for the company to continue until and unless it had increased the size of deposits and capital.
It was noted that the Directors, John Gardner, Nigel O'Leary and Colin Simpson did not want to involve in the current market and take such a big risk.
To act as receivers, Dennis Parsons and Katherine Kenealy from Indepth Forensic Insolvency Practitioners in Hamilton were called yesterday.
It was informed that the receivers be operating the company till the time all the loans were collected and repaid under the government scheme.
It was confirmed by the Treasury that all existing depositors would be covered under the Crown retail deposit guarantee scheme.
In the year 2003 three directors established Rockforte and would commence its first prospectus in January next year.
It was noticed that the company focused in financing second hand Japanese cars that were imported by an associated company, and small personal and business loans.