Former Feltex Directors Facing Action

Auckland, New Zealand, August 2, 2007–Feltex Carpets’ liquidator has put eight former directors of the failed carpet maker on notice that they face legal action totalling more than $20 million, according to The Press.

Feltex’s liquidator, already taking on eight former Feltex directors, also has a court date with the failed carpet maker’s bank.

John Vague, of liquidator McDonald Vague, said Wednesday that  his firm had a November High Court date with the ANZ Group. The ANZ, then owed A$119.5 million (NZ$$133.8 million), placed Feltex in receivership last September.

Vague said his firm had problems obtaining important banking records relating to Feltex. These included ANZ’s diary notes. A court application to see them was being opposed by ANZ.

“In this particular case we’re rather surprised that they [the ANZ] haven’t just given them to us,” Vague said. “They’ve just declined to give them to us. There has been no reason given.”