Receivers of Strategic Finance say there is no money available to repay the failed finance company's preference shareholders and there will likely be a shortfall in the total amount available to creditors.

Marac, a subsidiary of listed financial services company Pyne Gould Corp., agreed to sell half of its insurance business to the Automobile Association to establish a new joint venture.  

South Canterbury Finance, which is awaiting word on whether it has been accepted into the Extended Retail Deposit Guarantee scheme, may have to raise more capital and sell non-core assets, according to owner Allan Hubbard.

The Reserve Bank of New Zealand (RBNZ) may be able to hold back from a mid-year official cash rate increase due to the sluggish economy, tame inflation, the impact of bank liquidity requirements and expected tax changes.

Long-suffering Lombard Group shareholders have the opportunity to recoup a fraction of their investment in the failed financial company after approving an Australian insurance company's offer for the shell as a backdoor listing on the New Zealand stock exchange.