The holding company of Northland avocado oil producer Olivado is in receivership after failing to secure new funding arrangements following a management bust up. Auckland firm PKF Corporate Recovery & Insolvency has been appointed as receiver for Olivado Holdings Ltd, which operates Olivado New Zealand Ltd, Olivado Kenya (EPZ) Ltd and Olivado USA Inc. Those firms will continue trading and are not in receivership, a spokeswoman for Olivado said.

New Zealand-born workers in Australia are among the worst hit by job losses as the global financial crisis bites, new research shows. Research published in The Australian newspaper said the number of New Zealanders employed in Australia's workforce had dropped by 20,800 to 304,100 in the year to May. Full-time New Zealand-born workers across the Tasman dropped by 11,000 to 236,700, while part-time workers dropped by 9800 to 67,400. It increased the rate of unemployed New Zealanders in Australia to 7 percent, up 2.8 percent in the year to May.

Local marine and sports clothing company Line 7 has gone into receivership, The National Business Review reported. The business, owned by Ross Munro and Marilyn Horne, is most well-known for dressing Team New Zealand sailors in the America’s Cup. Receivers Grant Graham and Brendon Gibson of KordaMentha were appointed to the business today. It is not known whom they were appointed by; but Companies Office records show ANZ National Bank is the only bank listed as a Line 7 secured creditor.

The receivers of ABC Learning have sold the failed childcare operator's UK operations, Busy Bees, for an undisclosed sum, The Australian reported. McGrathNicol today said Busy Bees Group, the largest children's nursery group in the UK, was sold to Singapore's Knowledge Universe Education. The receiver said the sale of ABC's New Zealand assets was progressing well; the sale timetable had been extended following strong interest from a number of bidders.

A liquidation proceeding against Blue Chip’s sole remaining investment vehicle, Northern Crest, has failed, clearing the way for the investment company to migrate to Australia, The National Business Review reported. If the company moves to Australia there are concerns that investors of the failed Blue Chip schemes will not be able to pursue claims under New Zealand legislation. The Registrar of Companies had brought the liquidation proceeding against the ASX-listed but New Zealand-registered company on three grounds.

Rod Petricevic and Robert Roest, directors of the collapsed Bridgecorp Group of companies, are banned from directing or managing a company in New Zealand for five years, The National Business Review reported. The Deputy Registrar of Companies Peter Barker found the failings of Mr Petricevic and Mr Roest to be "serious and fundamental". The ban is separate from the criminal charges that Mr Petricevic and Mr Roest are also facing. Mr Barker said that nothing in his decisions altered any arguments made by Mr Petricevic or Mr Roest in any other proceedings.

New figures from both sides of the Tasman confirm that New Zealand exporters will continue to face hard times in their biggest market as the global economic crisis drags Australia into recession, The New Zealand Herald reported. New Zealand's transtasman trade suffered a 20.7 per cent hit in April - led by a halving in the value of crude oil - and the release of Australia's latest national accounts data tomorrow is expected to report a further contraction in gross domestic product for the March quarter.

One of the two trustee companies that presided over the vast majority of New Zealand finance company failures is hitting back at criticism of its role in the industry’s collapse, The National Business Review reported. Perpetual Trust says it’s not to blame for the company failures; instead, out of pocket investors should point the finger at dodgy directors and inadequate auditing by accountants. Perpetual and another firm Covenant, acted as trustees for almost all of the finance companies that have collapsed over the last three years.

Receivers appointed to two companies developing the first stage of Queenstown's $1 billion Kawarau Falls Station six-hotel development say it is too early to know whether the project can be completed, The National Business Review. Yesterday two companies associated with the development, Melview (Kawarau Falls Station) Investments Ltd and Melview (Kawarau Falls Station) Development Ltd, were put into receivership by Australian lender BOS International. Receiver Brendon Gibson of KordaMentha said, "it's too early for us to make any statements around that.

After bleeding money for years, 186 jobs have been cut at textile company Lane Walker Rudkin (LWR) as receivers try to sort out its dire financial state, The New Zealand Herald reported. LWR was last month placed in receivership and several of the company's unprofitable sites around the country have been targeted for closure or mergers. Changes involve 186 of the group's 470 staff being made redundant - 102 in Christchurch, 61 in Greytown, 19 in Pahiatua and four in Auckland. The receivers said there were no plans for redundancies at the Timaru plant.