Receivers for the Jean Jones clothing stores say they have received an excellent response from potential buyers and expect a sale before the end of the year, The National Business Review reported. Receiver Mike Horne, of Deloitte, said a review of the company's position confirmed earlier indications that the nationwide women's fashion chain was fundamentally a strong business and its problems were primarily caused by factors external to its operations. Jean Jones' loyal customer base and viable business model meant there was strong interest from prospective buyers, Mr Horne said.

Failed property developer Patrick Fontein is fighting to stave off bankruptcy in the High Court at Auckland today, BusinessDay.co.nz reported. Creditor Bank of New Zealand wants Fontein adjudged bankrupt for debts totalling $93 million, owed to 45 creditors. The money is owed from the collapse of companies associated with Fontein's Kensington Park Developments. The bank says Fontein breached loan agreements for the Kensington Park development at Orewa north of Auckland by diverting funds to another development - the Huka Falls Resort outside of Taupo.

The Group of 20 is beginning to look more like the G19 plus 1 as emerging and rich countries alike accuse the United States of breaking a vow of unity, Reuters reported. This week's G20 summit will require every bit of President Barack Obama's diplomacy skills after the Federal Reserve embarked on a new $600 billion bond-buying spree, sparking criticism from four continents that the U.S. central bank was ignoring the global repercussions.

The London-based administrator for Bahrain's Awal Bank BSC said it needs more time to talk with creditors before determining whether to continue the Chapter 11 case it filed last month with the U.S. Bankruptcy Court in Manhattan, Dow Jones Daily Bankruptcy Review reported. In court papers filed in New York Thursday, Awal asked Judge Allan L. Gropper for an extension to file financial statements required under the U.S. bankruptcy law. The bank has so far been hesitant to publicly disclose specifics on its finances.

Two Southbury companies placed in receivership yesterday owed South Canterbury Finance about $156 million, say receivers, BusinessDay.co.nz reported. Southbury Corporation, 100 per cent owner of the finance company, owed it $74m, while Southbury Group, 100 per cent owner of Southbury Corporation, owed $82m. Southbury Group was the main holding company for Timaru millionaire Allan Hubbard, whose affairs are now in statutory management. Receiver Kerryn Downey of McGrath Nicol said the loans were part of a ''complex web'' of transactions involving all three companies.

The residents of six Sunshine Coast retirement villages caught up in a receivership action have been assured in a series of meetings this week that it would remain “business as usual” at the facilities, Sunshine Coast Daily reported. Receiver-manager KordaMentha yesterday told nervous residents of three Hibiscus-branded facilities at Buderim and Sippy Downs that they had nothing to fear. On Wednesday, a KordaMentha representative met with residents of two Hibiscus-branded facilities at Nambour and Noosa and the Buderim Gardens Retirement Village.

The receivers of South Canterbury Finance have been appointed to handle the receivership of the Southbury companies, which are associated with Timaru businessman Allan Hubbard, the Otago Daily Times reported. Kerryn Downey and William Black of McGrathNicol were appointed receivers and managers of Southbury Group Ltd and Southbury Corp Ltd last night. Southbury Group Ltd owns 100 percent of Southbury Corp Ltd, which owns 1 00 percent of South Canterbury Finance. Mr Downey said that the receivership was necessary to gain access to the records and better management control of the group.

Korea’s national debt has increased at a rapid pace, spawning fears that the country could face a debt crisis akin to the one Europe has gone through in the wake of the global financial crisis, The Korea Times reported. What is of greater concern is that the pace of the debt growth is expected to gain momentum as the government must eventually spend more and more due to the rapidly aging population and possible reunification of the two Koreas. With snowballing debt, the ability of the Lee Myung-bak administration to manage the debt is being put into question.

Glen Grant Constructions, a company which supplies pipeline company Northern Network Alliance's sub-contractor EcoCivil, went into receivership yesterday, Sunshine Coast Daily reported. Northern Network Alliance manager John Palmer said he received a briefing at 9am from EcoCivil during which he was told the sub-contractor had released none of its staff despite the day's events. Mr Palmer said EcoCivil and the NNA had assisted PPB, the appointed receivers of Glen Grant Constructions, to locate and retrieve equipment and machinery.

Baskin Robbins and Cookie Man franchise holder Allied Brands has gone into voluntary administration, after the company lost its licence to operate 92 ice-cream stores in Australia, The Sydney Morning Herald reported. Allied Brands administrator Vincents Chartered Accountants said this morning creditors had withdrawn from talks with Allied following the termination of its Baskin Robbins contract and the company was no longer able to trade as a going concern. Allied had been seeking to raise funds through a convertible bond issue and equity line of credit.