A receiver's report is due by the end of the month on the Pheonix Trust, the investment vehicle of Rich-Lister Greg Olliver, through which he owns half of property company Landco with the Todd family.

It was revealed on www.nbr.co.nz last Friday that Mr Olliver's Pheonix Trust had been put into receivership.

Mr Downey said Landsborough could exercise its charge over 10 per cent of the shares Pheonix held in Landco, and effectively have those shares transferred to the finance company.

"This won't affect the sale process," receiver McGrath Nicol's Kerryn Downey said last Friday, appearing to confirm a recent NBR report suggesting that the Todd family was buying Mr Olliver's share of the giant property development company's assets.

McGrath Nicol was appointed as receiver on July 7 by Landsborough Finance, a private finance company based in Christchurch.

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