Updated 16 March 2010.

Updated 20 October 2009.

Who are the receivers?

Mascot Finance Limited (In Receivership) went into receivership on Monday 2 March 2009.

The Receivers are:

Brett Chambers                           and                Paul Munro

PO Box 248                                                      PO Box 248

Christchurch                                                     Christchurch

Email bchambers@deloitte.co.nz                         Email pmunro@deloitte.co.nz

Phone 0800 MASCOT                                          Phone 0800 MASCOT

Are my deposits safe? Will I get my money back?

All eligible deposits with Mascot Finance are guaranteed under the Government’s Deposit Guarantee Scheme. This is because Mascot Finance Limited was an approved institution under the Guarantee Scheme. The Treasury is responsible for administering all claims under the Guarantee Scheme. For further information on the scheme please see their website at http://www.treasury.govt.nz/economy/guarantee/retail or call the Mascot Finance DGS Claims Helpline toll free on 0508 283 283 (Monday – Friday, 9am – 5pm).

How do I know if I am eligible to make a claim under the guarantee?

To qualify for compensation you must be eligible under the terms of the guarantee. The guarantee covers debt securities held by retail depositors and issued by businesses covered by the guarantee. Further information about depositor eligibility is provided on the Retail Deposit Guarantee Scheme Questions and Answers page of the Treasury website at http://www.treasury.govt.nz/economy/guarantee/retail/qanda or call the Mascot Finance DGS Claims Helpline tollfree on 0508 283 283 (Monday – Friday, 9am – 5pm).

What do I do if I am not eligible to make a claim under the guarantee?

Mascot Finance Limited depositors who are not eligible for pay-out under the deposit guarantee scheme (e.g. financial institutions, non-New Zealand citizens who are also not New Zealand tax residents) will need to contact the receiver to register their interest in the receivership. This is best done in writing to PO Box 248, Christchurch.

Do I have to do anything to activate the guarantee?

Yes. Depositors will have to submit a Notice of Claim to the Crown.

Who do I contact to get a Notice of Claim form?

The Treasury is responsible for issuing all Notice of Claim forms. Forms are available to download from their website at:

http://www.treasury.govt.nz/economy/guarantee/retail/claims

Or you can contact the Treasury’s Mascot Finance DGS Claims Helpline on:

0508 283 283 (Monday – Friday, 9am – 5pm)

International callers should dial +64 4 917 6140.

Or you can write to the Treasury to request a form at: 

Retail Deposit Guarantee Scheme

The Treasury
PO Box 3724
Wellington 6140

How do I make a claim under the Deposit Guarantee Scheme? What information will I need to provide?

A “Notice of Claim” form must be completed and submitted before the claim payment process can be initiated. Please see the Treasury website for a step by step guide to the claims process at http://www.treasury.govt.nz/economy/guarantee/retail/claims.

Each claim form requires a Statutory Declaration so the form must be signed before either:

·        a Barrister and Solicitor;

·        a Justice of the Peace; or

·        any other person authorised to take a statutory declaration.

You will also need to attach your original investment certificate or other proof of your investment.

Are deposits with a maturity date after the expiry of the government guarantee still covered by the guarantee?

Yes, deposits that mature after the expiry of the Government Guarantee Scheme are covered by the guarantee, provided they are eligible.

My debenture stock is not due to mature yet.  Am I able to make a claim now or do I need to wait until the original maturity date?

Yes, you are able to make a claim now. You do not need to wait until the maturity date of your investment.

Does interest continue to accrue until the claim is made?

The Crown guarantee includes interest up to the date of receivership.  If the terms and conditions of your deposit require interest payments after the appointment of a receiver, then those payments are also likely to be guaranteed.  The receivers are currently working with Treasury to determine the interest entitlements of depositors post-receivership.

Is there any time limit on filing the Notice of Claim?

The government does not anticipate at this stage setting any time limits on making a claim.

How long will it take to get my money back if the guarantee is invoked?

There is no fixed period for repayment, but the process can begin shortly after the time of the default event (e.g. the company being placed into receivership).

I received a cheque from Mascot Finance Limited for interest payments and/or principal before it went into receivership that I have not banked or that I tried to bank but it was dishonoured. What should I do?

If you are eligible you will need to lodge a claim with Treasury under the Government Guarantee Scheme. Further information on how to lodge a claim is available on the Treasury’s website at http://www.treasury.govt.nz/economy/guarantee/retail/claims.

If you are not eligible to claim under the Government Guarantee Scheme then you will need to contact the receiver to register your interest in the receivership. This is best done in writing to PO Box 248, Christchurch.

Who do I contact if I need further information or my question isn’t answered here?

For questions related to Notice of Claim forms, the claims process, eligibility under the guarantee, etc, please contact the Treasury:

Retail Deposit Guarantee Scheme
The Treasury
PO Box 3724
Wellington 6140

For all other enquiries contact the receiver on:

The Receivers

Mascot Finance Limited (In Receivership)

PO Box 248

Christchurch

Phone: 0800 MASCOT

Email: enquiry@mascot.co.nz