Westpac has extended for another six months a $19 million loan facility to troubled finance and rural services firm Allied Farmers, The National Business Review reported. The move follows Allied’s announcement last week that it had negotiated the sale of a 23.3ha property forming part of the Five Mile development near Queenstown. Allied had already gained an extension of the debt facility with Westpac to September 24 this year, from an initial expiry date of June 30. The latest extension runs until the end of March next year.

Some wineries based in New Zealand's celebrated Marlborough region have gone into receivership, with more expected to follow, as the area's popular sauvignon blanc has been hit by a high New Zealand dollar, oversupply and early signs of a resurgence by Australian chardonnay, The Sydney Morning Herald reported.

Nelson businessmen behind failed financier Finance & Investments are now under the watch of the Securities Commission, having agreed they won’t manage a company or raise money publicly in the future, The National Business Review reported. The Securities Commission has accepted enforceable undertakings from Andrew Harding and Murray Scholfield - the partners of Finance & Investments, which went into receivership in September 2007, owing $16 billion to 370 investors. The pair also had an 87% stake in Nelson financier LDC Finance -- also in receivership.

Finance company minnow Mutual Finance has collapsed into receivership owing $9.3 million of mostly Crown guaranteed funds to 340 depositors, The National Business Review reported. The receivership follows that of sister company Viaduct Capital and comes three months after Strategic Finance founder Paul Bublitz took control of Mutual with an 80% shareholding. Mutual’s trustee company Covenant has appointed Grant Graham and Brendon Gibson of KordaMentha as receivers.

Receivers for National Finance 2000 could be ordered to provide its directors with information to help with their defence against charges laid by the Companies Office, a court heard yesterday, The New Zealand Herald reported. In 2008, the Companies Office laid criminal charges against the directors that relate to alleged untrue statements in the company's registered prospectus and failure to comply with financial reporting standards.

A bid by state-owned Landcorp for 16 dairy farms owned by former Crafar family companies has fallen short leaving a Chinese-backed company in the box seat to purchase the assets, The National Business Review reported. Receivers Michael Stiassny and Brendon Gibson of KordaMentha confirmed today that over 50 offers were submitted on all or parts of the portfolio from a range of buyers. They were pleased with the strength of the offers, however Landcorp was not among the preferred tenders, they said in a brief statement.

A weak High Court bid to block the receiver’s sale of Allan Crafar’s 16 dairy farms will not continue unless Mr Crafar fronts up with $50,000 for security of legal costs, The National Business Review reported. Mr Crafar’s Plateau Farms failed in a High Court bid today to block receivers KordaMentha selling up the debt-ridden dairy empire – which owes back more than $200 million.

North South Finance has joined its parent company Dominion Finance in receivership, following Securities Commission charges against its directors, The National Business Review reported. North South’s trustee Covenant today appointed Grant Graham and Brendon Gibson of KordaMentha as receivers, ending a moratorium agreed by investors in December 2008. The company has to date paid back about $54 million (or 55.5 cents in the dollar) of the $102 million owed to investors. North South’s moratorium proposal was approved by an 83% majority.

Lawyers for the creditors and the receivers they appointed to companies owned by the Crafar family will be in the High Court at Auckland tomorrow morning to fight a bid by the family to delay the sale of the family's farms, the New Zealand Press Association reported. The Crafar family made an 11th-hour application to the High Court at Auckland on Wednesday night in a chambers hearing to temporarily halt the sale of 13 dairy and three-dry-stock farms, covered by the receivership.

The Chinese backed bid to buy up 16 Crafar family farms in receivership has been lodged with the Overseas Investment Office, The New Zealand Herald reported. The move by Chinese-owned Natural Dairy NZ comes only 24 hours after state owned Landcorp threw its hat in the ring. The state-owned enterprise confirmed it would be lodging a bid for the 13 dairy farms and three drystock properties before tomorrow's 4pm deadline. NDNZ chairman Graham Chin said in a statement that he is confident his company's offer will give the best return to creditors.