Wellington, Nov 3 NZPA - VTL Group Ltd said all of its directors have resigned and Colin McCloy of PricewaterhouseCoopers has been invited to become receiver of the company.

Mr McCloy has not yet been formally appointed receiver but it is likely to happen tomorrow. The company's subsidiary Nathans Finance NZ Ltd was placed in receivership in August 2007 and Mr McCloy and John Waller are managing that receivership.

They have previously said they were investigating a number of matters that had come to their attention.

Mr McCloy said today a number of matters have been reported to government authorities but he declined to go into detail.

I t has been reported that prior to its receivership, Nathans had lent $171m to VTL, parties associated with it and various VTL franchisees.

VTL owned a number of vending machine related business units which operated in Australasia, North America and Europe. It has been selling assets.

VTL Group's chairman is Gary Stevens. It directors are Roger Moses and Don Young.

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