Many farm businesses believed their loans were personally with Allan Hubbard, not Aorangi.

Allan Hubbard has offered to subordinate his own interests and make up any losses to investors.

Auditors have given Allied Farmers' financial statements only a qualified opinion, and have raised concerns about the going concern basis of the company and the carrying value of assets.

Hubbard investors have been told they'll be paid three cents in the dollar this month, but will have to wait till next year for possibly another 20 cents.

Allied Farmers' auditor PwC says it hasn't enough evidence to say whether the company can be viewed as a going concern.

Simon Botherway, accused of a conflict of interest in the Hubbard case, had no operational role in putting him into statutory management, says the Securities Commission.

One of NZ's largest and most speculative property investment visions on leasehold land - Albany City Property Investments - is in tatters.

After leaving Christchurch's Xavier College at 16 Eric Watson's first job was as a butcher's apprentice. He later became a sales and branch manager at Whitcoulls, then a manager at Xerox, before beginning a business career.

The GPG shake-up is long overdue.

Recessions test ethics and morality.