A large Russian investment in a Waimate dairy processor has failed with receivers appointed to New Zealand Dairies, Stuff.co.nz reported. Plans to sell the $100 million Waimate dairy factory did not come off leading to the appointment of Colin Gower and Stephen Tubbs of BDO yesterday as receivers. Last month Christchurch company director Richie Smith, who advises the Russian owners, said the factory would keep processing milk as usual.

One of the country's largest housing subdivisions has been bought, just over a year after it plunged into receivership, The New Zealand Herald reported. The 250ha Lakes residential community on the western outskirts of Tauranga - which at one time was forecast to have a value of more than $1 billion once completed - has been bought by local developers Carrus Corporation. The price has not been disclosed.

Former Bridgecorp director Rod Petricevic has been jailed for six and a half years, The New Zealand Herald reported. Petricevic was found guilty earlier this month on 18 charges for misleading investors and of knowingly making false statements that Bridgecorp had never missed a payment of interest or principal. Some of the charges Petricevic was convicted of under the Crimes Act carry a maximum penalty of 10 years in jail.

Richard Chandler, the New Zealand billionaire and biggest shareholder of Sino-Forest, has hired a team to plan a rescue restructuring of the Chinese timber group after it filed for bankruptcy protection last week, the Financial Times reported. Richard Chandler Corporation, his investment vehicle, said on Monday that it had assembled a group including David Walker, an expert in the Asian forestry sector, to lead its proposal for the restructuring of Sino-Forest. “Sino-Forest faces a range of complex problems,” Mr Walker said.

Royal Bank of Scotland and former directors including ex-chief executive Fred Goodwin and ex-chairman Sir Tom McKillop have been hit with a £2.4 billion ($4.6 billion) legal claim from angry investors in the taxpayer bailed-out bank, The New Zealand Herald reported. RBOS Shareholders Action Group was due to deliver claims letters to the bank and 17 former directors, including the former head of investment banking Johnny Cameron.

South Korea has begun collecting a levy on domestic banks and local branches of foreign banks it introduced in August, hoping to help the economy guard against shocks stemming from rapid capital flows in and out of the country, the Finance Ministry said Sunday. The Australia & New Zealand Banking Group Ltd. paid $759,000, making it the first foreign or domestic bank to pay what is called the "macroprudential stability levy" to the Bank of Korea.

Insolvency experts are welcoming a Court of Appeal decision they say gives comfort to firms trading with a company in receivership, Stuff.co.nz reported. The wisdom of continuing to do business with a troubled entity was called into question by a dispute between the receivers of pet food manufacturer Lovitt's and packaging company Huhtamaki New Zealand. Huhtamaki claims it is $280,000 out of pocket after receivers Deloitte ordered ongoing supplies but then said there were no available funds to pay for them.

ANZ National Bank, the country's biggest lender, is seeking to recover $25.2 million from the sale of bankrupt Wellington property developer Terry Serepisos' former headquarters, The New Zealand Herald reported. Receivers for Century City Investments, Barry Jordan and David Vance, who were appointed by the bank on Sept. 30, have put ASB Bank Tower up for sale in a public tender being jointly managed by Colliers International and CBRE.

A bid Monday by Nathans Finance's former auditor could put an end to a $66 million claim brought by the failed finance company's receiver, The New Zealand Herald reported. Nathans Finance collapsed in August 2007, owing 7000 investors around $174 million. PricewaterhouseCoopers receiver Colin McCloy has made a bid to recover investor losses from the directors and from the company's auditor, Staples Rodway.

Allied Nationwide Finance, the failed finance arm of Allied Farmers, has failed to attract good enough bids for its loan book, receivers say, as they try to claw back funds to repay the government retail deposit guarantee scheme, The New Zealand Herald reported. Offers for its Speirs Securities securitisation vehicle's book also weren't satisfactory, although receivers Andrew Grenfell and Kerryn Downey of McGrathNicol say some potential buyers are doing due diligence, according to their latest report.