A well known and "trusted" company is likely to offer Hanover and United investors a rival offer to Allied Farmers' proposal, a source says.

The Reserve Bank and Treasury's expectations of significant further finance company failures increased rapidly.

While hurting Hanover investors struggle with the loss of millions, the company's owners continue to splurge on upmarket properties.

Boston Finance has been put into receivership less than a week after it was supposed to have repaid all of the money it owed to investors.

Hanover investors will have to make a decision whether to approve the company's proposed debt-for-equity swap with Allied Farmers.

Finance company Boston Finance, one of the many currently in a moratorium, has finally been put into receivership.