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Why were receivers appointed to Bridgecorp?

appointed bridgecorp receivers
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Why were receivers appointed to Bridgecorp?

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Following a breach of its Trust Deed, the Directors of Bridgecorp completed an analysis of the financial standing of Bridgecorp. As a result, the Directors concluded that it was in the best interests of Debenture holders that a receiver be appointed to Bridgecorp. Covenant Trustee Company Limited therefore appointed receivers on 2 July 2007.

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