Timaru businessman Allan Hubbard and his wife Jean are seeking a judicial review of the decision to place them in statutory management.
The Hubbards filed the application with the Timaru High Court on Wednesday and have also applied to have the order for statutory management lifted.
The Hubbards were placed in statutory management in June last year, along with Hubbard entities, Aorangi Securities Ltd and seven charitable trusts.
Mr Hubbard's company South Canterbury Finance was placed in receivership in August last year.
The Hubbards say the legislation used to impose statutory management does not apply to people, only to entities such as trusts.
They also claim the Crown decision to place them in statutory management was flawed and based on unsound and inadequate information.
In a statement on Wednesday, the Hubbards say they have tried to co-operate with the Statutory Managers and the Government over their concerns, but discussions have not been productive, leaving them few options other than a judicial review.
