Receivers have moved in to take control of the company that runs one of Auckland's top hotels, the Westin Lighter Quay, The New Zealand Herald reported. The five star hotel will remain operating as normal and staff will not be affected. There is no change to any forward bookings. Receivers KordaMentha have issued a release saying they have been appointed as receivers for Lighter Quay Management - the company which runs the Westin Hotel complex.

More companies associated with Christchurch property developer Dave Henderson were placed into receivership Friday, TVNZ reported. The companies were Livingspace Properties Ltd, Castle Street Ventures Ltd, Tay Ventures Ltd, RFD Investments Ltd and 92 Lichfield Ltd. The receivers are Tim Downes, Simon Thorn and Dave Ruscoe of Grant Thornton New Zealand. Livingspace Properties operates apartments in Dunedin, Invercargill and Christchurch. The receivers intend to continue to operate the Livingspace businesses and honour bookings.

Christchurch developer Dave Henderson has lost control of Hotel So after South Canterbury Finance (SCF) placed three of his companies into receivership, The Press reported. SCF appointed receivers to Cashel Ventures, Hotel So Operations and Hotel So Corporation, which respectively own and operate Henderson's 283-room hotel on Cashel St. Henderson is the sole director of all three companies, with his flagship company, Property Ventures, owning two and Henderson indirectly owning the third.

The receivership of a major hospitality operator, has made the future of 20 Auckland and Wellington bars uncertain, NZCity reported. Northern Hospitality Management was put into receivership last Friday. The Department of Internal Affairs is investigating the company over gaming machine grants, the flow of funds and its relationship with gaming foundations and trotting clubs. Receiver Gerry Rea says his company is dealing with 10 bars in Auckland 10 in Wellington.

The Chinese businesswoman orchestrating a buy-up of the Crafar dairy empire has made the first of two scheduled appearances in court this week in relation to failed business dealings, The New Zealand Herald reported. May Wang made a brief appearance in the Auckland District Court this morning on charges brought by the Ministry of Economic Development in relation to records of her property and hotel company Dynasty Group, now in liquidation.

The Securities Commission is warning Strategic Finance investors to be "wary" of a 5c in the dollar offer for their debentures in the collapsed finance company, The National Business Review reported. Australian company Stock and Share Trading Company Pty Ltd initially offered investors 20c in the dollar but has since come back with the much lower 5c. The same company has also attempted to entice St Laurence debenture holders with an 8c in the dollar deal, having initially offered 20c.

A Marlborough contract grape grower has gone into receivership, The Marlborough Express reported. Awatere Vineyard Estates Ltd and Awatere Vineyard Holdings Ltd was put into receivership at the beginning of the month. The company owned 299 hectares of land, with 128 hectares planted with sauvignon blanc and a small amount of pinot gris. Chartered accountants William Black and Andrew Grenfell of McGrathNicol Auckland were appointed receivers and managers of both companies.

An insolvency practitioner says a High Court decision that the taxman still comes first in a voluntary administration undermines the fledgling system and may deny struggling businesses the chance to avoid liquidation, The New Zealand Herald reported. Voluntary administration was introduced in 2007 as an alternative to liquidation or receivership. The aim is to rehabilitate companies, and it can result in unsecured creditors getting more of their money back.

The former head of New Zealand's biggest private dairy operation is expecting to be able to pull an offer together for receivers this week, but admits he's got no idea whether it will be enough to stave off receivership, The New Zealand Herald reported. Allan Crafar says he is considering "three very good options" from overseas interests, which he hopes to be able to present in the next few days.

Dozens of out-of-pocket Blue Chip investors packed into Auckland District Court this afternoon had mixed reactions when Mark Bryers, the man they trusted with their lost cash, was fined a total of $33,750 and ordered to do 75 hours community work, The National Business Review reported. Bryers (52), a bankrupt who has lived and worked in Sydney since 2007, faced 34 charges prosecuted by the Ministry of Economic Development for breaching the Companies Act and the Financial Reporting Act. Bryers’ Blue Chip empire collapsed in 2008, owing more than 2000 investors more than $84 million.