Funds associated with Australia's biggest lender hold 7.4% of the units.

UPDATED: with comment | S&P cuts a notch from long-term ratings on Australia's big four banking pillar - and, consequently, their NZ subsidiaries.

Bank's Kiwi chief executive to retire in November

The insolvency scheme proposed by failed Perron Group directors Cameron Marsh and Mark Perriam gives them significant benefits but creditors are still in the dark about how much returns they will receive.

The developer duo owes more than $142 million, and has presented an insolvency scheme that would see them make a one-off $123,000 payment then each retain the first $80,000 of any income earned as a base salary.

Commonwealth Bank of Australia rejected the payment scheme and tried to bankrupt the developers. The matter is now going through the High Court.