Treasury has already paid the South Canterbury Finance trustees $1.6 billion in a taxpayer bail-out of the once blue chip company.
It is understood the payment will cover all investors as well as some ineligible for payment under the Government's Retail Deposit Guarantee Scheme.
Mr Hubbard said he had invested hundreds of millions of his own investments in the company once the impact of the global credit crisis became obvious.
"It has been deeply frustrating and hurtful, over the last nine months, to have been sidelined by my fellow SCF directors, and subsequently strait-jacketed by the government regulators, from working to save South Canterbury," he said in a statement.
"I have always attempted to place investors' returns first, and my personal financial interests as secondary, and as the severity of the global credit crunch became apparent, I moved quickly to inject my own assets into South Canterbury."
Receivers were called in to South Canterbury Finance today, with Trustees Executors Limited appointing Kerryn Downey and William Black of McGrathNicol.
SCF said it has been unable to complete a recapitalisation and restructure.
Mr Hubbard said that he and his wife Jean had suffered a serious blow when their personal finances were placed in statutory management on June 20, along with his other businesses.
It was also short-sighted on the part of the Government, which acted on the advice of the Registrar of Companies.
"Surely they realised that by freezing me out and taking over control of my affairs that they would be dealing a body blow to South Canterbury Finance?"His management systems may have seemed old fashioned, but he had never defrauded investors, he said.
"I have been prudent and diligent, to the very best of my ability, and have always been deeply respectful of the trust placed in me."
He has said he was ambushed by the statutory managers last week when they released their second report on the businesses.
"I will be providing my own analysis, with the assistance of my team of professional legal and financial advisers, to put my side of the story and I will be taking this matter further," he said today.
"I cannot allow my reputation to be savagely attacked by this shameful process and all of those who trusted Jean and me, over so many years, to allow this tragic set of events to go unanswered.
"Those who care about us know I am unwell and that hardens my resolve."
The Timaru-based company has around 35,000 depositors and about $1.6 billion in deposits.
Trutees Executors southern regional manager Yogesh Mody said SCF had been allowed extra time to recapitalise, but was unable to do so and had requested a receiver be appointed.
The company, one of New Zealand's biggest non-bank institutions, is part of the Government's Retail Deposit Guarantee Scheme.
