Ivan Erceg has appointed Peter Jollands as the receiver for Sensation Yachts after Public Trust placed the company into liquidation late last month.

Speaking from the South of France, Mr Erceg told NBR that the full debt of Sensation Yachts would not be known until creditors started filing claims.

But he said that Inland Revenue, lender HSBC and other creditors were owed "very little."

HSBC declined to comment on its dealings with Mr Erceg stating: “We do not comment on current, past or prospective clients.”

Creditors of Doug Somers-Edgar’s Orange Insurance have accepted a repayment plan for their debt owed, allowing the company to avoid liquidation.

The company will remain in voluntary administration, operating under the approved deed of company arrangement (DOCA) to repay creditors over time.

Administrator Stephen Tietjens of Accru Smith Chilcott said Orange had roughly matching assets and liabilities, but its property assets would take time to realise.

It owed around $7 million to bondholders and had $7.2 million in six loan assets.

Debtors are gaming the long waits for proceedings in the High Court in Auckland with some businesses counting on delays of up to six months to stave off creditors seeking liquidations.

Accounts Enforcement managing director Wal Britton says this means businesses are using their creditors – often small and medium sized enterprises – as personal banks.