You can't issue Debenture Stock without a registered Prospectus, NZF group does not have a Prospectus - join the dots! The only Debenture Stock issued was under NZF Money and these are the poor investors looking at between 0.25 - 0.42 cents in the dollar with no payment to unsecured creditors as per the last Receivers report.

I think you may be getting confused with the Capital Notes.