It looks increasingly unlikely that the investment firms controlled by the late Allan Hubbard will be able to repay the millions they owed to South Canterbury Finance.
Southbury Group and Southbury Corporation owed nearly $190 million when receivers were appointed last year.
Southbury Group owns Southbury Corporation, which in turn, holds shares in South Canterbury Finance.
When the receivers, Kerryn Downey and William Black, of McGrath Nicol, were appointed in November last year, Southbury Group owed $84.7 million to South Canterbury, and Southbury Corporation owed $103.9 million.
Since early May, just $2 million has been paid back, after Southbury Group was repaid the $2.3 million it lent to Commtest Instruments.
In their second sixth-monthly report, the receivers say they'll keep trying to realise assets and claw back loans.
But it seems extremely unlikely there will be enough money left to repay secured creditors.
The Southbury Group receivership cost $62,000 in the six months to the start of November, while receivers collected almost $8000 in fees for Southbury Corporation.
