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Chase Corporation was a property development company in New Zealand that flourished in the 1980s, became devalued in the 1987 New Zealand stock market collapse, and eventually collapsed in 1989. [ 1 ]
The building collapse killed 115 persons, consisting of 16 Canterbury Television employees on Levels 1 & 2; 79 King's Education staff (4), teachers (5) and foreign students (70) on Level 4; 19 medical centre staff (13), patients (5) and one patient's friend on Level 5; and an Administrator for Relationship Services on Level 6. [20]
Between May 2006 and the end of 2012 there were sixty-seven finance company collapses in New Zealand; including companies entering into liquidation, receivership or moratoria. [1] An inquiry by the New Zealand Parliament estimated losses at over $3 billion that affected between 150,000 and 200,000 depositors. [2] The most high-profile collapses ...
The company was originally listed on the New Zealand stock exchange as Bridgevale Mining and changed its name in 1987, the same year it acquired Toy Warehouse. [2] Bridgecorp Holdings was delisted after the toy company—considered underperforming—was sold in 1992 [ 2 ] and went into receivership the same year. [ 3 ]
The losses on these projects were recovered, with Mainzeal's pre-tax earnings reaching US$1.6 million surplus compared to US$2.8 million loss in the previous year. [8] Following the Christchurch earthquake, 2010 Vero appointed the MWH Mainzeal joint venture as their preferred partner in their efforts to rebuild Canterbury. [9]
A report published by Goldman Sachs predicted that New Zealand had a 40% chance of a "housing bust" over the same period. [114] Financial commentator Bernard Hickey described New Zealand's property market in 2014 as "too big to fail", and supports a deposit insurance scheme in the event of a banking collapse caused by a property crash. [115]
Despite its reputation as a South Island rural lender, South Canterbury Finance had made loans to property development throughout New Zealand, Australia and Fiji. At 30 June 2009, property loans were $414.2 million. Real estate lending represented 207 loans with an average net loan value of $1.15 million.
In 1996 New Zealand composer John Dylan wrote an orchestral piece, "Cave Creek 95 - An Elegy" in recognition of the event. The section of track to Cave Creek from the intersection with the Inland Pack Track was renamed the Cave Creek Memorial Track/Kotihotiho in 2020, as part of the 25 year remembrance of the disaster.