The receivers of Pike River Coal say unsecured creditors owed more than $31 million - including $15 million to tradesmen and almost $3 million to employees - are "unlikely" to be paid, the Otago Daily Times reported. The company was placed in voluntary receivership by its board in December, just weeks after 29 men died in an explosion at its underground mine near Greymouth on November 19. PricewaterhouseCoopers' first report on the receivership outlines a total debt owed to creditors of $110.4 million.

The economy may have suffered a double dip recession, Finance Minister Bill English said, The National Business Review reported. He was speaking at Parliament's finance and expenditure committee, where he also announced that he would deliver the 2011 government budget on Thursday May 19. Following questions from Labour finance spokesman David Cunliffe, Mr English said it was possible the fourth quarter of last year saw an economic contraction.

New Zealand’s unemployment rate rose more than forecast in the fourth quarter, sending the local currency lower and reducing the case for the central bank to raise interest rates in coming months, Bloomberg reported. The jobless rate increased to 6.8 percent from 6.4 percent three months earlier, Statistics New Zealand said today. The median estimate of 10 economists surveyed by Bloomberg News was for 6.5 percent. The New Zealand dollar fell to 77.41 U.S. cents at 1:11 p.m. in Wellington from 77.76 cents before the data.

Christchurch finance company Finance & Leasing says its inability to meet the new Reserve Bank capital ratio requirements has forced it into receivership – and that it's not the only company in that position, Stuff.co.nz reported. Director Kipp Alexander said the company had remained solvent throughout the financial crisis and recession, but because it could not meet the requirements in time, it could not obtain approval from the Companies Office for its prospectus extension, which was lodged in December.

New Zealand likely avoided a recession last year due to a recovery in business confidence led by exports, consumer spending and construction, economists say. A net 8 percent of companies surveyed expect the economy will improve over the next six months, up from 6 percent in the third quarter, the New Zealand Institute of Economic Research said today in Wellington, Bloomberg reported. Home-building approvals rose 8.8 percent to a four-month high of 1,268 in November, Statistics New Zealand said in a separate report.

The Chinese-backed investor trying to buy 20 New Zealand farms -- most linked to the Crafar family -- has protected its deal by pushing the terms of settlement for the purchase of 16 farms in receivership out to September 30 this year, The National Business Review reported. Natural Dairy NZ Holdings told the Hong Kong stock exchange that its advisers needed time to consider the decision by two New Zealand cabinet ministers to refuse overseas investment approval for the farm sales.

The developers of the luxury Quayside apartment complex in Whakatane have left a debt of almost $15 million, according to receivers, The National Business Review reported. Failed company Quayside Trustee's debts exceed $14.7m, too high to be offset by the sale of unsold apartments, which have been marked down substantially in a saturated Whakatane property market. Twenty-nine of the 43 apartments in the George Street complex remain unsold. They are being offered for sale at an average price of $380,000, or $11m for the lot. Prices have been reduced by $100,000 and more.

Mutual Finance is the latest finance company to be investigated by the Serious Fraud Office. The SFO said it began the investigation (under part II of the SFO Act) on December 23, after considering information obtained from Mutual Finance's receiver and from the National Enforcement Unit, The National Business Review reported.

Embattled Auckland property developer Andrew Krukziener gave up a 10 year battle against Inland Revenue when he yesterday put himself into voluntary bankruptcy, The National Business Review reported. Mr Krukziener surrendered himself to the Official Assignee in Auckland shortly before noon on Thursday, his lawyer Bruce Stewart QC disclosed. Mr Stewart told NBR that Mr Krukziener's fight to satisfy creditors had now proven "too much" for him and he "could not handle it any longer". The Official Assignee has control of Mr Krukziener's affairs for three years.

The receiver for Pike River Coal says it could take a year for the company's insurance claim to be paid out, Radio New Zealand reported. The company went into receivership on Monday, more than three weeks after explosions begain at the West Coast mine in which 29 workers died. Receiver John Fisk of PriceWaterhouseCoopers says the calculations to lodge a claim under the company's business interruption insurance are still being worked on. He told Nine to Noon on Thursday the policy is worth $100 million but the amount paid out may be significantly less.