The receivers of South Canterbury Finance have put up a key business unit for sale that will, for the first time, provide an insight into how much the Government can expect to recover from the biggest finance company failure in New Zealand.The company put up for sale is FACE Finance Ltd. South Canterbury conducted its plant and equipment lending through this company. It has a 75 per cent stake in FACE. Plant and equipment loans formed the second largest lending on the books of South Canterbury, as of December 31, 2009, at 18 per cent of net receivables. FACE was behind 44 per cent of business loans.From a loan book of around NZ$275 million, in December 2009, FACE Finance's net loan book dropped to NZ$197 million, as of August 31, 2010. For South Canterbury it has been business as usual, even after it went into receivership, but it's not clear if the company has made new plant and equipment loans through FACE Finance or the parent. Plant and equipment loans have traditionally been a high growth area for South Canterbury and the company has indicated it will continue to remain focused on this business.The New Zealand Government paid about NZ$1.6 billion to South Canterbury debenture holders under the government guarantee scheme to effectively take a first-ranked creditor position. The receivers are also currently in the process of selling a 62.5 per cent shareholding in Dairy Holdings, in which South Canterbury has a 33.6 per cent stake.