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".

Allan Hubbard's Southbury Group and Southbury Corporation owe South Canterbury Finance nearly $190 million, receivers' reports show, The Timaru Herald reported. The receivers, Kerryn Downey and William Black of McGrath Nicol, released the second report of Southbury Group and of Southbury Corporation yesterday, both in receivership, for the period from November 3 last year to May 2 this year. The receivers' report said Southbury Group owed South Canterbury Finance $84.7m on the date of their appointment, November 3, last year. Southbury Corporation owed SCF $103.9m on November 3.

Debenture holders in Irongate Property may have to write off as much as a third of their investment, according to the failed property investor's receivers, Business Day reported. The receivers expect to repay between 67 cents and 83 cents in the dollar to 1,500 debenture holders owed $46.1 million, according to the first report by Barry Jordan and David Vance of Deloitte. The firm's assets were valued at about $78 million, leaving a shortfall of almost $20 million from the $97.9 million of total debt on Irongate's books.

The receiver of failed lender St Laurence says investors will probably get a return at the lower end of its forecast range, and is working towards making a second repayment in August, BusinessDay reported. Receivers Barry Jordan and David Vance of Deloitte expect investors will get a return at the lower end of 15 per cent to 22 per cent range on secured debenture holders' principal, according to their latest report. They said they want to make a second payment in August, with a third and final distribution next year. Debenture holders were paid 9 cents in the dollar in January.

The Crafar family have reached a truce with receivers, nearly two years after the collapse of their farming empire, The New Zealand Herald reported. And they say they remain hopeful the Government will reject the latest Chinese bid for 13 dairy farms and three drystock farms they formerly owned in the central North Island. Receivers KordaMentha took control of the farms in October 2009 after the Crafar family companies running them accumulated debts of more than $200 million. KordaMentha receiver Brendon Gibson yesterday confirmed a settlement had been reached.

The Serious Fraud Office has dropped its investigation into Mutual Finance and Viaduct Capital and handed information to the Financial Markets Authority (FMA) to consider, The National Business Review reported. Mutual Finance operated in its final days under the Crown Retail Deposit Guarantee scheme. When it collapsed into receivership last July, it owed 450 investors about $17 million. Related property financier, Viaduct Capital, was put into receivership in May 2010 owing 110 depositors $7.8 million.