A raft of trucks and other vehicles have been repossessed from Titan Bulk Haulage following its failure to remedy defaults under the mortgages. The Mosgiel trucking company is a subsidiary company of Burns Group 2018 Ltd, whose director is Otago businessman Malcolm Burns. Notices of entry into possession of mortgaged goods were filed by Kiwi Asset Finance Ltd, a wholly owned subsidiary of Kiwibank, against Titan Bulk Haulage in March and April. Another similar notice was filed by Kiwi Asset Finance against Titan Bulk Haulage and Otago Excavation — which is in receivership and liquidation and is another subsidiary company of Burns Group 2018 Ltd — in June 2021. In August that year, Kiwi Asset Finance withdrew as a mortgagee in possession from the collateral with regards to Titan Bulk Haulage.

Source: Otago Daily Times May 05, 2023 06:33 UTC