The euro fell to the lowest level in five months against the dollar on concern Greece’s deteriorating finances will weigh on the region’s economic recovery, Bloomberg reported. The 16-nation currency also approached the lowest level in more than nine years against the Australian dollar on speculation European Central Bank Executive Board member Juergen Stark will reiterate his bearish outlook for the region’s economy and the budget deficit in Greece when he speaks today.

Two quarters of economic growth after five quarters of contraction is positive news but New Zealand’s recovery remains fragile, Finance Minister Bill English says, The National Business Review reported. GDP figures released today show the economy grew 0.2% in the September quarter and the June quarter has been revised upward from 0.1% to 0.2%. For the year to September, the economy contracted 2.2% compared with the year to September 2008. Mr English said the recovery remained fragile and any further problems abroad could weaken New Zealand's growth prospects.

The heat has been turned up on Capital+Merchant managing director Owen Tallentire and his colleagues, with the Official Assignee being appointed as liquidator of the company described by the Companies Office as the worst finance company they've seen, The New Zealand Herald reported.

Brian Clegg, the director of failed finance company Clegg and Co Finance was sentenced in the Auckland District Court today for six offences against the Companies Act and the Securities Act, The New Zealand Herald reported. "A number of these charges relate to false and misleading statements made in the company's 2005 and 2006 prospectuses and to the company's Trustee," said the Registrar of Companies, Neville Harris. The National Enforcement Unit of the Companies Office began its investigation after the matter was referred to it by the Securities Commission.

The Blue Chip investors who sparked the downfall of Mark Bryers have taken a hit to their wallets as a Gulf Harbour investment hotel unit they owned was seized by liquidators, The National Business Review reported. New Zealand investors Donald and Annette Rowson sank funds in to Blue Chip’s Gulf Harbour Lodge and originally applied to have Mark Bryers’ company Swordfish Lodge Management wound up in March 2008, which started the collapse of his companies.

A retirement village caught up in a tangled receivership and a unit-ownership crisis is getting time with Housing Minister Phil Heatley to discuss its plight, which could signal a solution on the horizon, The National Business Review reported. Stonehaven Retirement Village near Whangarei went in to receivership in December 2008 when the trust running it voluntarily found the new Retirement Village Act requirements too complex and time consuming to comply with.

Mark Hotchin and Eric Watson's Hanover Group is headed for receivership if Allied Farmers' proposed debt for equity swap cannot be completed, the Grant Samuel report on the transaction found, The New Zealand Herald reported. However both Grant Samuel and Guinness Peat Group's Tony Gibbs, who yesterday confirmed his company had decided against tabling an alternative offer, raised questions about the deal's merit for Allied Farmers and its shareholders.

A company which promised to turn Whangarei into a world centre for superyacht-building has gone into receivership, The National Business Review reported. New Zealand Yachts would continue to trade, receiver and manager Paul Sills, of Auckland law firm Hornabrook Macdonald, said. Caterpillar Financial New Zealand Ltd started the recovery process after New Zealand Yachts' loans became due on November 1, the Northern Advocate reported. The super yacht-builders came to Whangarei in 2001, promising to create up to 1000 jobs.

The future of the Unanderra-based Wideform Group of Companies is up in the air with suggestions that a major bank lender may be pulling back support for the business, the Illawarra Mercury reported. The Australian Financial Review (AFR) today reported that the Australia and New Zealand Banking Group was believed to have sought to facilitate a process whereby the business would go into voluntary administration and a new owner would be found.

New Zealand’s South Canterbury Finance is trying to recover $10 million by selling Wanaka's largest resort but the resort's owner believes his financier will be lucky to get half that, The Southland Times reported. Six companies associated with Oakridge Resort were put into receivership by South Canterbury Finance in September after defaulting on loan repayments. Oakridge developer Par Hallberg, who moved to Australia after losing control of the resort, confirmed his companies owed $10.49 million to the finance company.