Former Feltex Directors Facing Action

Auckland, New Zealand, August 2, 2007--Feltex Carpets' liquidator has put eight former directors of the failed carpet maker on notice that they face legal action totalling more than $20 million, according to The Press.

Feltex's liquidator, already taking on eight former Feltex directors, also has a court date with the failed carpet maker's bank.

John Vague, of liquidator McDonald Vague, said Wednesday that  his firm had a November High Court date with the ANZ Group. The ANZ, then owed A$119.5 million (NZ$$133.8 million), placed Feltex in receivership last September.

Vague said his firm had problems obtaining important banking records relating to Feltex. These included ANZ's diary notes. A court application to see them was being opposed by ANZ.

"In this particular case we're rather surprised that they [the ANZ] haven't just given them to us," Vague said. "They've just declined to give them to us. There has been no reason given."