Two more companies of South Canterbury Finance founder Allan Hubbard have been placed in receivership to better manage control of the failed group.
There are now 15 companies in receivership and a further 13 in separate statutory management, as is Mr Hubbard and his wife Jean.
The Serious Fraud Office launched an investigation into Mr Hubbard's Aorangi Investments Ltd in late August which did not encompass South Canterbury Finance, but last month launched another investigation into up to five loan transactions by South Canterbury Finance worth tens of millions of dollars.
Kerryn Downey, of McGrathNicol, said in a statement the South Canterbury receivership was the largest, and one of the most complex, in New Zealand's history.
"It's a critical step to protect value and ensure we get the best possible outcome for the Crown. It will also help in ongoing investigations into South Canterbury Finance's finances," he said.
The collapse of South Canterbury Finance into receivership triggered the Government to pay out $1.775 billion to investors and creditors.
This has all been paid out, but the Government must now claw back money from the sale of the group's assets, with shortfall estimates ranging from $300 million to $700 million.
South Canterbury Finance is the only finance company in receivership where it, and its 13 subsidiaries, have continued to trade.
Southbury Group Ltd was incorporated in December 1987 and holds 100% of the shares in Southbury Corporation Ltd, which was incorporated in September 2009.
Southbury Corporation Ltd holds 100% of the shares in South Canterbury Finance.
Mr Downey said South Canterbury Finance was a major secured creditor to the Southbury companies.
They had taken possession and control of all the assets and undertakings of the Southbury companies, which together, through funding by South Canterbury Finance, hold a diverse range of investments.
Mr Downey said the Southbury receivership would not affect the sale process for South Canterbury's interests in Helicopters (NZ) Ltd or Scales Corporation Ltd, neither of which are in receivership and are separate from the core finance business of the wider South Canterbury Finance group.
