18 July 2012 7:01am

There was "considerable doubt" over Provident Capital's "integrity to obtain, manage or hold money from the public" a Federal Court ruled in a judgement delivered verbally three weeks ago but only published now.

Early this month, Justice Steven Rares agreed to appoint Philip Carter, Tony Sims and Marcus Ayres from PPB Advisory as receivers of Provident Capital, having stayed orders delivered several days earlier.

More than 3000 investors in debentures are owed A$125 million.

The judge ruled that the firm's managing director and primary shareholder, Michael O'Sullivan,...