New Zealand

South Canterbury Finance's receivers have taken over the case to bankrupt Phoenix soccer team owner and Wellington property developer Terry Serepisos, chasing a debt of about $18 million, The New Zealand Herald reported. In the High Court at Wellington today FM Custodians withdrew its application to bankrupt Mr Serepisos, saying they had settled their debts. Mr Serepisos had owed FM Custodians about $5m. The lawyer for South Canterbury Finance's receivers, Joshua Cameron, applied to replace FM Custodians as the judgement creditor, saying his client was owed "roughly $18m".

South Canterbury Finance receivers have sold another chunk of the failed lender’s business but the return to the taxpayer has been kept confidential, The National Business Review reported. Japanese investment bank Nomura has acquired South Canterbury’s consumer, business and rural loan portfolios – the last of the so-called “good bank” of assets. The three loan portfolios have a combined book value of approximately $123 million, receivers Kerryn Downey and William Black of McGrathNicol said in announcing the deal today. However, the purchase price was kept secret.

Commercial printer Blue Star Group has won the support of bond holders for a debt restructuring after saying the alternative was receivership, but the "close call" for hundreds of workers has angered the union representing them, The New Zealand Herald reported. Bond holders voted 76.9 per cent in favour of the refinancing proposal, surpassing the 75 per cent required.

Receivers for Yarrows the Bakers say the business has attracted considerable interest from potential buyers as their first report highlights significant debt across the wider group, The National Business Review reported. Yarrows the Bakers and two associated companies went into receivership in May when the company’s directors could not reach agreement on a restructure proposal that involved selling its Australian business.

Whitcoulls creditors have voted in favour of a pittiful 3c in the dollar return instead of liquidating the company that owes them $21.5 million, The National Business Review reported. Unsecured creditors have just voted with an overwhelming majority of 84% in favour of a return of just 3c at a watershed meeting with Australian-based administrators Ferrier Hodgson in Auckland. Ferrier Hodgson asked the unsecured creditors of Whitcoulls' parent company Red Group Retail to accept 3 cents in the dollar, instead of liquidation, in a deed of company arrangement (DOCA).

Kevin Podmore has been given three months to come up with $20 million to help repay investors in his failed Wellington finance company, St Laurence, or face possible bankruptcy, Stuff.co.nz reported. St Laurence was put in receivership in April last year owing 9400 investors $245m plus interest. Podmore and three companies he controlled had offered a $20m guarantee as part of an earlier moratorium repayment agreement, to cover any shortfall in repayments to investors if St Laurence was put in receivership.

Ferrier Hodgson, the administrators of Whitcoulls' previous owners, REDgroup Retail, have proposed that its unsecured New Zealand creditors be paid out at 3c in the dollar, The New Zealand Herald reported. The proposal, or deed of company arrangement (DOCA), will be put to creditors at a so-called "'watershed" meeting set down for Thursday. "Based on our investigations, we do not believe that any dividend would be payable to unsecured creditors in any of the companies should they be placed in liquidation," said Ryan Eagle, administrator and Ferrier Hodgson partner.

Blue Star Print Group's board has reiterated that if proposed restructuring, including a haircut for bondholders, is not accepted banks will likely call in receivers, The National Business Review reported. The warning, in a statement from the group's board, said "if Bondholders reject the offer, it would likely result in a complete loss of principal." "The Board's expectation is that, following a no vote, Blue Star's banks will immediately move to protect their interests, likely through the appointment of a receiver ...

National has attacked Labour’s tax plan, saying it would leave a huge hole in New Zealand taxpayers’ finances over the next 15 years and add $18.5 billion dollars to net Crown debt, The National Business Review reported. Labour recently announced its plan to introduce a Capital Gains Tax and hike the top tax rate to 39% while taking GST off fresh fruit and vegetables and making the first $5000 of income tax-free.

The directors of failed Nathans Finance have been found guilty of lying to investors in a prospectus, investment statement and two advertisements - when Nathans sought $100 million from investors 2006, The National Business Review reported. But the three directors - Mervyn Ian Doolan, Kenneth Roger Moses and Donald Menzies Young - were found not guilty on a charge arising out of a letter to potential investors dated July 12, 2007, on the basis the letter did not meet the statutory definition of "advertisement".