Deposit guarantee company Deposit Power is now under external administrators following the placement of Auckland-based CBL Insurance into interim liquidation.
External administrators from Chifley Advisory were appointed to the company last week.
Deposit Power acted as an authorised manager and agent of CBL Insurance which provided all the deposit guarantee bond products sold by Deposit Power in Australia.
The deposit guarantee company had offered products assisting Australian borrowers and investors to buy residential and commercial properties without the need to provide a cash deposit. In a report by the Australian Financial Review, an estimated 10,0…
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