Strategic Finance is the latest finance company in New Zealand to fall into receivership after its trustees, Perpetual Trust, failed to find any attractive offers from third parties for a restructuring and/or sale of assets. PricewaterhouseCoopers have been appointed the receivers.The move leaves 13,000 investors with investments of NZ$417 million wondering how many cents in a dollar they can hope to receive from a company whose loan book has dropped to NZ$221 million in December from NZ$325 million just six months earlier.  In June 2008, the loan book was worth NZ$497 million.By January this year, the value of the loan book was less than 75 per cent of the company's liabilities. The fall in the loan book was caused by a sharp rise in provision for credit impairment. In the six months to December 2009, the company made a provision of NZ$106 million for credit impairment, on top of NZ$146 million of provision made in the full year to June 2009.The receivership announcement comes nearly 15 months after a moratorium was placed on the company following a breach of its trust deed in August 2008, when it was unable to make repayments to investors.At the time of the moratorium Strategic envisaged that 100 per cent of the investors' principal plus interest would be repaid in due course.But by 15 January 2010 the company failed on two conditions, including failure to make payments of NZ$10.6 million to investors before January 10 and a fall in the value of the loan book below 75 per cent. This triggered a "review event" in line with the trust deed. Strategic had since then entered into discussions with other parties for restructuring and sale of assets, but could not come up with a proposal that was acceptable to Perpetual Trust.According to data on Interest.co.nz, there are currently 48 finance companies in New Zealand that are in receivership or liquidation or have a moratorium or are in default or have their payments suspended.