Allan Hubbard's investment vehicles Southbury Group and and Southbury Corporation have been placed in receivership.
Southbury owned finance firm South Canterbury Finance, which was placed in receivership in late August, costing taxpayers nearly $1.8 billion.
Receiver McGrath Nichol says South Canterbury Finance funded Southbury's broad range of investments and is a major secured creditor.
McGrath Nichol says the step was necessary to gain access to records and better management control of the group, and help ongoing investigations into South Canterbury Finance's accounts.
It says the move does not hinder the sale of the lender's interests in Helicopters New Zealand or Scales while South Canterbury Finance is continuing to trade.