A U.S. bankruptcy judge said he'll give creditors of Awal Bank BSC more time to challenge the course of the Bahrain bank's unusual Chapter 11 case before deciding whether it can proceed, Dow Jones Daily Bankruptcy Review reported. Judge Allan L. Gropper of the U.S. Bankruptcy Court in Manhattan indicated at a Tuesday hearing that he would consider Awal's motion to proceed with its Chapter 11 case after giving creditors the opportunity to come forward, according to the administrator overseeing the bank's insolvency proceedings in Bahrain and elsewhere.

The "turnaround" man brought in to help the restructuring of South Canterbury Finance (SCF) is no longer working for the company, The Sydney Morning Herald reported. Kerryn Downey of receiver McGrathNicol confirmed Sandy Maier -- signed up as chief executive of SCF for one year last December -- went on "gardening leave" four or five weeks ago and would officially finish with the company at the end of the month, The New Zealand Herald reported.

Fashion chain Jean Jones has gone into receivership, with the loss of four stores, The New Zealand Herald reported. The remaining 14 stores will continue to operate while receivers Deloitte, who took control of the company last Thursday, found a buyer for the chain. Spokesperson Mike Horne said that while the receivers were still reviewing the company's position, it appeared the basic business model was viable and its problems were primarily caused by factors outside the business.

Listed franchise brand manager Allied Brands has lost its battle for survival, with the company placed in voluntary administration this morning. However, chief executive Sean Corbin has told SmartCompany.com.au that all current franchisees will remain open for business, and have stock to continue trading, while the administrator sorts out the next steps for the group. Peter Dinoris and Peter Biazos of Vincents Chartered Accountants have been appointed as joint administrators, although Corbin says that not all of the company’s subsidiaries have been placed in administration at this stage.

Dubai World has succeeded in securing 100 per cent support for its $25bn restructuring after the only creditor that had not agreed to the plan was bought out, according to people familiar with the situation, the Financial Times reported. Aurelius Capital Management, a US distressed debt fund, has sold $5m – a tiny proportion of Dubai World’s outstanding liabilities – to Deutsche Bank, according to one of the people. Deutsche Bank and Aurelius declined to comment.

Ten million dollars' worth of trade with the Chatham Islands could be lost following the receivership of a Timaru shipping company, Stuff.co.nz reported on a Taranaki Daily News story. Black Robin Freighters went into receivership last week with BDO Christchurch notifying the receivership on Saturday. In August Black Robin Freighters director Kelvyn Leslie raised concerns there would not be enough business to support two shipping services, after Auckland-based 44 South Shipping launched a twice-monthly service to the Chathams.

The muddy big 1.33-hectare hole that is the failed $250 million Soho Square development in Auckland's Ponsonby could soon be alive with construction crews, with first mortgagee United States hedge fund Fortress cleared by the High Court to buy the site, Stuff.co.nz reported on a Dominion Post story.

The London-based administrator of Awal Bank BSC said the Bahraini institution filed for Chapter 11 protection in the U.S. in an attempt to wrest back payments made to its creditors in the U.S. before regulators seized the bank, Dow Jones Daily Bankruptcy Review reported. Awal, which filed for Chapter 11 protection with the U.S. Bankruptcy Court in Manhattan on Friday, was placed into administration in its home country in July 2009. The bank gained recognition of its foreign proceeding in U.S. courts, known as Chapter 15 bankruptcy, last year.

The receivers for South Canterbury Finance have appointed a leading investment bank as sale advisor for specific investment assets, The National Business Review reported. Kerryn Downey and William Black of McGrathNicol, said Goldman Sachs & Partners New Zealand Limited will assist in selling 100% of Helicopters (NZ) and a majority shareholding in apple exporter Scales Corporation. Both companies are separate from the core finance business of the SCF Group. Goldman Sachs & Partners is the New Zealand-owned local branch of the global investment bank.

Credit card firms have seen their loan services gaining popularity among users thanks to less stringent processes, The Korea Times reported. However, the easier-to-use system may produce bad loans both to the detriment of users and the card firms. According to the Financial Supervisory Service (FSS), the amount of lending by credit card companies reached 14.1 trillion won as of the end of August, up 23.7 percent from the end of last year, surpassing cash advance services by banks at 12.5 trillion won, which saw a rise of 3.3 percent during the cited period.