The receivers for Doug Somers-Edgar's Orange Finance have concluded their work with a shortfall of about $10 million in principal and interest owed to debenture holders of the failed company, Scoop.co.nz reported. Orange froze repayments to some 2,500 investors owed $25.6 million in late 2008 before convincing debenture holders to agree to a moratorium on redemptions and interest payments until the end of July 2011. That deadline was later pushed out another year with trustee Covenant Trustee's approval.

A Christchurch-based investment company at the centre of a Serious Fraud Office and Financial Markets Authority probe has been placed in receivership, Stuff.co.nz reported. The development will be bad news for hundreds of nervous investors in the company, Arena Capital, a foreign exchange brokerage trading as BlackfortFX. Auckland accountant Alan Garrett, a liquidator at KordaMentha, has been appointed receiver. The assets of the company were frozen by the Financial Markets Authority last week over concerns the company was breaching regulations and the Serious Fraud Office is investigating.

NZF Group, the former financial services company, has entered voluntary administration after its second reverse listing proposal fell through, Scoop.co.nz reported. Last month the Auckland-based finance company said it would look to find a way to return funds to its noteholders "in a timely and cost effective manner" after plans for its listed shell to be used by Inventory Technologies in a reverse listing fell through. NZF is now appointing administrators to "expedite a timely distribution of funds to the holders of NZF capital notes," it said in a statement.

Small business owners, particularly in the construction industry, should be breathing a sigh of relief this week. The Supreme Court has delivered a decision which upholds their rights to keep payments made by companies which subsequently go into liquidation, against demands from liquidators to "claw back" the money so that it can be used to satisfy the claims of other creditors of the insolvent company, The New Zealand Herald reported.

Wellington-based aviation company Vincent Aviation, which has about 30 workers, has gone into receivership, Stuff.co.nz reported. In a public notice released today, Stephen Tubbs from BDO was appointed receiver of the company, which was established in 1990 and is based at Wellington Airport. The move comes after an application to liquidate the company was lodged last week lodged in the High Court by ANCL Investments. Owner Peter Vincent said last week that the action taken by ANCL Investments was a "serious situation" for his company.

Well-known helicopter company Helipro has put itself into receivership, Stuff.co.nz reported. Helipro employs about 70 staff, with eight bases throughout New Zealand and operations in Fiji and Australia. As well as commercial and tourism helicopter flights, the company provides maintenance services, and helicopter and fixed-wing flight training. PwC partners John Fisk and David Bridgeman were appointed as receivers yesterday to Rick Lucas Helicopters Ltd and related entities which trade as Helipro, at the request of the companies' director.

New Zealand shake and pour cocktails company VnC Cocktails has gone into liquidation after failed attempts to sell it, Sharechat.co.nz reported. The company went into voluntary administration on June 30, was then tipped into receivership a few days later by secured charge holder Bank of New Zealand, and has now been put into liquidation following a creditors' vote this month. VnC Cocktails hit the headlines in 2011 when it was named on reality television show 'Keeping up with the Kardashians' as the drink of choice by Kourtney Kardashian's husband Scott Disick, a brand ambassador the company.

There's no money in the pot for unsecured creditors of Postie Plus, its administrator says, NZCity reported. The nationwide clothing retailer had 650 employees and 81 stores when it it went into voluntary administration in June, and 580 kept their jobs when assets were sold to South African based Pepkor in July. A report by PwC in August is bleak reading for unsecured creditors who will meet on Monday. The administrator has $1.6 million left and $6.2m is still owned to secured creditor BNZ. BNZ was originally owed $13.7m. There is no money for unsecured creditors.

The administrators of troubled New Zealand clothing retailer Postie Plus Group Ltd said on Wednesday they have found a likely buyer for the company. The struggling company called in administrators from PricewaterhouseCoopers on Tuesday after its bank refused to back the retail chain which has been racking up losses and losing market share for the past two years. The company's 82 shops were open for business as usual, but Postie Plus shares have been suspended from trading on the NZ stock exchange pending clarification of its future.

Postie Plus, the worst performing stock on the New Zealand stock market, has appointed administrators after its lenders withdrew support as the company continued to make ongoing losses, The New Zealand Herald reported. The Auckland-based retailer appointed David Bridgman and Colin McCloy of PwC as administrators, saying attempts to recapitalise the business had been unsuccessful. The retailer's board also sought to sell the business outright, or find a new cornerstone shareholder. The administration should allow Postie Plus to keep trading so it can be sold as a going concern.