A weak High Court bid to block the receiver’s sale of Allan Crafar’s 16 dairy farms will not continue unless Mr Crafar fronts up with $50,000 for security of legal costs, The National Business Review reported. Mr Crafar’s Plateau Farms failed in a High Court bid today to block receivers KordaMentha selling up the debt-ridden dairy empire – which owes back more than $200 million.

Bankrupt German aluminum maker Almatis BV is considering a new refinancing proposal from its owner Dubai International Capital LLC, but Almatis senior debtholder Oaktree Capital Management urged the judge to stick to the original reorganization plan, Reuters reported. In a letter dated Wednesday to Judge Martin Glenn, who is overseeing the case, Almatis' attorney said he had received a proposal from Dubai International Capital, or DIC, to pay off the company's senior debt in full.

North South Finance has joined its parent company Dominion Finance in receivership, following Securities Commission charges against its directors, The National Business Review reported. North South’s trustee Covenant today appointed Grant Graham and Brendon Gibson of KordaMentha as receivers, ending a moratorium agreed by investors in December 2008. The company has to date paid back about $54 million (or 55.5 cents in the dollar) of the $102 million owed to investors. North South’s moratorium proposal was approved by an 83% majority.

Lawyers for the creditors and the receivers they appointed to companies owned by the Crafar family will be in the High Court at Auckland tomorrow morning to fight a bid by the family to delay the sale of the family's farms, the New Zealand Press Association reported. The Crafar family made an 11th-hour application to the High Court at Auckland on Wednesday night in a chambers hearing to temporarily halt the sale of 13 dairy and three-dry-stock farms, covered by the receivership.

Vietnam will restructure Vinashin, its top shipbuilder, cutting its non-core businesses after the firm was found to be nearly bankrupt, a ruling party commission said, Reuters reported. The case of Vinashin, which followed a pilot scheme to reform state-run businesses, has raised concern over the effectiveness of the reforms, economists have said. The ruling Communist Party found Vinashin Chairman Pham Thanh Binh, who also heads the party chapter at the firm, "irresponsible in the mobilisation, management and use of the state capital, pushing Vinashin to the brink of bankruptcy".

The Chinese backed bid to buy up 16 Crafar family farms in receivership has been lodged with the Overseas Investment Office, The New Zealand Herald reported. The move by Chinese-owned Natural Dairy NZ comes only 24 hours after state owned Landcorp threw its hat in the ring. The state-owned enterprise confirmed it would be lodging a bid for the 13 dairy farms and three drystock properties before tomorrow's 4pm deadline. NDNZ chairman Graham Chin said in a statement that he is confident his company's offer will give the best return to creditors.

Electrical and whitegoods retailer Clive Peeters Ltd, which is in voluntary administration, has agreed to sell stock and plant equipment and other items to Harvey Norman Holdings Ltd for $55 million, The Sydney Morning Herald reported. Harvey Norman said in a statement on Friday that it would purchase certain stock and plant and equipment, as well as "know-how, intellectual property rights and systems" from Clive Peeters. The $55 million purchase was subject to terms and conditions. Clive Peeters entered into voluntary administration on May 19, carrying $160 million of debt.

Receivers have moved in to take control of the company that runs one of Auckland's top hotels, the Westin Lighter Quay, The New Zealand Herald reported. The five star hotel will remain operating as normal and staff will not be affected. There is no change to any forward bookings. Receivers KordaMentha have issued a release saying they have been appointed as receivers for Lighter Quay Management - the company which runs the Westin Hotel complex.

Bankruptcy laws have been modernised under legislation passed by the Senate, as a growing number of Australians get into financial strife through consumer debt, The Sydney Morning Herald reported. There was an 11 per cent increase in personal bankruptcies last financial year, according to the federal government. Labor's amended draft laws raise the minimum amount on which a creditor can petition for bankruptcy from $2000 to $5000. Originally, the amount was $10,000, but the government successfully moved to reduce the figure.

A confectionary company at the centre of a landmark intellectual property fight with Mars Australia has been placed in voluntary administration following the collapse of its parent company Reseau International Trading, which is believed to owe about $100 million to investors and creditors, SmartCompany.com.au reported. The Sweet Rewards, RIT and another company called Salt Pan Trading were placed in administration late last week at the request of RIT director Richard Smith.