The pair, along with Auckland-based businessman Denham Shale, were appointed to South Canterbury in late October last year.
Mr Baylis took over the role of chairman when company founder Allan Hubbard stepped aside and became president for life.
The appointments were the last of a string that ousted the former board members, but the trio resigned on August 31, the day South Canterbury was placed in receivership.
Receiver McGrathNicol is working toward asset sales, appointing managers, and confirmed this week chief executive Sandy Maier was on "gardening leave" and would finish with South Canterbury at the end of the month, after an undisclosed settlement payment.
When the trio were appointed, the lending giant was in the throes of a multimillion-dollar recapitalisation programme that ultimately failed.
South Canterbury was placed in receivership, triggering a $1.755 billion investor and creditor payout by the Government.
When contacted yesterday, McGrathNicol receiver Kerryn Downey said Mr McLauchlan, Mr Baylis and Mr Shale remained on the boards of Helicopters and Scales and other smaller subsidiary companies, having resigned from South Canterbury and 13 companies associated with Allan Hubbard that are under statutory management.
"We're happy to have them as members on those boards and their co-operation is assisting us," Mr Downey said.
In March, Timaru businessman and South Canterbury founder Allan Hubbard's Southbury Corp transferred $152.5 million of assets (Helicopters and Scales) into South Canterbury to improve its prospects as it reported a $154.9 million interim loss.
Mr Downey estimated Scales could be sold "sooner rather than later" - within three months.
Helicopters was still up to six weeks away in being prepared for sale, but could be sold by January or February.
Whether any of the three independent directors stayed with those companies would be up to the new shareholders/owners, he said.
Otago businessman and property developer Mike Coburn was appointed as senior adviser to Mr Maier in early July this year.
Mr Downey said he remained as a consultant with the asset management team selling, mainly, South Canterbury's "bad bank" assets - those with impaired or unpaid loans.
About three weeks before the trio's appointments, eight entities of Mr Hubbard's were placed under statutory management by the Government and a separate Serious Fraud Office investigation started, but South Canterbury was not under investigation.
There are now 13 Hubbard-associated companies under statutory management and the SFO last week launched an investigation into several loan transactions of South Canterbury Finance spanning five years to 2009.
Mr Hubbard and his wife remain under statutory management themselves.
McGrathNicol this week announced Deutsche Bank's New Zealand branch was the sales adviser for South Canterbury's core finance "good bank" assets, which include South Canterbury's branch network and subsidiaries FACE Finance and Southbury Insurance.
Last week, Goldman Sachs & Partners NZ were appointed to advise receivers on the sale of 100% of Helicopters New Zealand and a majority stake in Scales Corp.
Helicopters and Scales are separate from South Canterbury, and are not in receivership.
An allegation has been made that an unauthorised survey is under way of investors in Aorangi Investments and Hubbard Management Funds, two of the 13 companies under statutory management.
Statutory manager Grant Thornton New Zealand Ltd said in a statement yesterday it was not true the company had given out details for any survey to take place, nor did it sanction any survey.
