The last-minute transfer of millions in cash from Australia to New Zealand has contributed to huge losses for investors in an Australian arm of Bridgecorp, BusinessDay.co.nz reported. But another questionable loan transaction between the two may have left New Zealand investors with the worst part of the deal. Receivers of Bridgecorp Finance told debenture investors this month they will get just A5.6 cents in the dollar after the company's high risk property lending, particularly to developments by former Australian test cricketer Craig McDermott, proved unrecoverable.

Allied Farmers, which took on the Hanover and United loan books in a failed bid to become a major lender, faces losing another $7 million after HSBC pulled the credit line on one of the firm's subsidiaries, ShareChat.co.nz reported. The Hong Kong-based lender called its $19 million loan facility to Matarangi Beach Estates after Allied refused to put up the same guarantee as the previous owners, Eric Watson and Mark Hotchin, who had poured the vehicle into Hanover to try to keep it afloat.

Receivers for the Jean Jones clothing stores say they have received an excellent response from potential buyers and expect a sale before the end of the year, The National Business Review reported. Receiver Mike Horne, of Deloitte, said a review of the company's position confirmed earlier indications that the nationwide women's fashion chain was fundamentally a strong business and its problems were primarily caused by factors external to its operations. Jean Jones' loyal customer base and viable business model meant there was strong interest from prospective buyers, Mr Horne said.

Failed property developer Patrick Fontein is fighting to stave off bankruptcy in the High Court at Auckland today, BusinessDay.co.nz reported. Creditor Bank of New Zealand wants Fontein adjudged bankrupt for debts totalling $93 million, owed to 45 creditors. The money is owed from the collapse of companies associated with Fontein's Kensington Park Developments. The bank says Fontein breached loan agreements for the Kensington Park development at Orewa north of Auckland by diverting funds to another development - the Huka Falls Resort outside of Taupo.

Two Southbury companies placed in receivership yesterday owed South Canterbury Finance about $156 million, say receivers, BusinessDay.co.nz reported. Southbury Corporation, 100 per cent owner of the finance company, owed it $74m, while Southbury Group, 100 per cent owner of Southbury Corporation, owed $82m. Southbury Group was the main holding company for Timaru millionaire Allan Hubbard, whose affairs are now in statutory management. Receiver Kerryn Downey of McGrath Nicol said the loans were part of a ''complex web'' of transactions involving all three companies.

The receivers of South Canterbury Finance have been appointed to handle the receivership of the Southbury companies, which are associated with Timaru businessman Allan Hubbard, the Otago Daily Times reported. Kerryn Downey and William Black of McGrathNicol were appointed receivers and managers of Southbury Group Ltd and Southbury Corp Ltd last night. Southbury Group Ltd owns 100 percent of Southbury Corp Ltd, which owns 1 00 percent of South Canterbury Finance. Mr Downey said that the receivership was necessary to gain access to the records and better management control of the group.

A stagnant climate in the property market could last for months, after the usual spring lift in the market failed to show up in October, real estate industry website realestate.co.nz says, The National Business Review reported. Spring is a pivotal time in the property market, as better weather returns and more houses are usually listed. In October, 11,911 properties came onto the market, a 12.1 percent drop from the same month last year.

One-third of Hawke's Bay's apple business will soon be for sale, with Opey Holdings Ltd and Edenz Ltd joining Mr Apple, placed on the market by receivers, Hawke’s Bay Today reported. South Canterbury Finance receiver McGrathNicol has appointed investment bankers Goldman Sachs & Partners New Zealand Ltd as sale advisers for investment assets owned by the finance company, including Scales Corporation of which it owns 80 per cent. Deutsche Bank AG has been appointed as sale adviser for SCF's core finance business. South Canterbury Finance was put into receivership in August.

The "turnaround" man brought in to help the restructuring of South Canterbury Finance (SCF) is no longer working for the company, The Sydney Morning Herald reported. Kerryn Downey of receiver McGrathNicol confirmed Sandy Maier -- signed up as chief executive of SCF for one year last December -- went on "gardening leave" four or five weeks ago and would officially finish with the company at the end of the month, The New Zealand Herald reported.

Fashion chain Jean Jones has gone into receivership, with the loss of four stores, The New Zealand Herald reported. The remaining 14 stores will continue to operate while receivers Deloitte, who took control of the company last Thursday, found a buyer for the chain. Spokesperson Mike Horne said that while the receivers were still reviewing the company's position, it appeared the basic business model was viable and its problems were primarily caused by factors outside the business.