New Zealand

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.

Ten million dollars' worth of trade with the Chatham Islands could be lost following the receivership of a Timaru shipping company, Stuff.co.nz reported on a Taranaki Daily News story. Black Robin Freighters went into receivership last week with BDO Christchurch notifying the receivership on Saturday. In August Black Robin Freighters director Kelvyn Leslie raised concerns there would not be enough business to support two shipping services, after Auckland-based 44 South Shipping launched a twice-monthly service to the Chathams.

The muddy big 1.33-hectare hole that is the failed $250 million Soho Square development in Auckland's Ponsonby could soon be alive with construction crews, with first mortgagee United States hedge fund Fortress cleared by the High Court to buy the site, Stuff.co.nz reported on a Dominion Post story.

The receivers for South Canterbury Finance have appointed a leading investment bank as sale advisor for specific investment assets, The National Business Review reported. Kerryn Downey and William Black of McGrathNicol, said Goldman Sachs & Partners New Zealand Limited will assist in selling 100% of Helicopters (NZ) and a majority shareholding in apple exporter Scales Corporation. Both companies are separate from the core finance business of the SCF Group. Goldman Sachs & Partners is the New Zealand-owned local branch of the global investment bank.

Allan Crafar likened his bank to a "dog being dragged along on the end of a chain" during his testimony in a High Court case in Auckland yesterday over ownership of cows on farms now in receivership, Stuff.co.nz reported on a Dominion Post article. The case concerns ownership of 4000 heifers sold by a Crafar Farms company and leased back via agri-finance company Stock Co to another company owned by Mr Crafar's son, Robert Crafar.

Battling financier and rural services provider Allied Farmers has repaid its term loan facility with Westpac in full and reached agreement on outstanding debt to collapsed subsidiary Allied Nationwide Finance, The National Business Review reported. The company repaid the loan out of proceeds from the sale of former Hanover and United Finance assets acquired last December.