The receivers for failed Timaru lender South Canterbury Finance will wrap up their administration at the end of the month, having clawed back NZ$774.4 million during the two-and-a-half year administration period.McGrathNicol's Kerryn Downey and William Black handed over the remnants of deceased businessman Allan Hubbard's empire to a New Zealand government unit, Crown Asset Management, last year. They stayed on to wind up one more transaction, according to their latest report on the receivership. This has now been concluded and the receivers expect to distribute the last of the surplus cash and complete the administration of the failed company by March 31. Since South Canterbury was tipped into receivership, in August 2010, until February 28 of this year, the receivers have reduced the amount owing to the Crown by $774.4 million, although this includes the $92.1 million that Crown Asset Management valued the residual assets at when taking them on to its books.Crown Asset acquired $81.7 million in gross loans valued at $77.3 million, and had written them down to $67.7 million by the end of June last year. It also took on $14.1 million in unlisted property shares and property, and forestry assets. Finance Minister Bill English set up Crown Asset Management to take control of the remaining assets of failed lenders that called on the government's deposit guarantee as a way to cap costs. It expects to realise $75.5 million in the 2012/13 year from loans and receipts, and $12.8 million from asset sales.South Canterbury is seen as the most egregious instance of a failed lender calling on the retail deposit guarantee, under which the Crown paid out about $2 billion to protect the country's financial stability during the global financial crisis. It also expects to write off about $1.1 billion. The Timaru-based lender was singled out in the Auditor-General's review of the scheme for taking advantage of the guarantee to increase its debenture base by 25 percent and ramp up its lending for risky property developments. Earlier this month, a high court date was set for five South Canterbury former directors and executives who will face 21 charges relating to fraud, dating back to between November 2004 and February 2010. The charges are linked to the $1.58 billion paid out to debenture holders covered by the retail deposit guarantee. reprinted from BusinessDesk