AMF was a provider of auto finance to retail consumers and operates in the sub-prime space.
AMF’s loan book comprised 3,600 customers with borrowings of $60m
The secured creditor appointed PPB Advisory as Receivers and Managers following suspected fraudulent activity.
PPB Advisory identified that over 900 loan accounts valued at $23.5m were fraudulent. The Directors made substantial withdrawals from a trust account immediately prior to the appointment of the Receivers and Managers and computer equipment and company records had also been.
As a result of the above, loan payment collections had fallen into arrears.
PPB Advisory’s forensics team reconstructed hardware and electronic data which enabled collections to recommence within two weeks of PPB Advisory’s appointment.
In excess of $5m of loan payments have been collected to date and over $2m traced and recovered.
Ongoing forensic investigations in conjunction with lawyers have enabled public examinations of directors and other parties of interest to occur.
The concurrent sale of the loan book program is being managed by PPB Advisory’s Corporate Finance team.