The fortunes of South Canterbury Finance boss Allan Hubbard have taken another dive as a ninth company associated with the Timaru businessman is placed under statutory management.

Statutory managers Grant Thornton have told investors not to expect any of their money back as Hubbard Management Funds comes under their umbrella.

The company is estimated to be worth around $70m, but Grant Thornton couldn’t be any more exact , saying inadequate accounting practices and a lack of paperwork are hindering their investigation.

Despite the setback, Hubbard’s supporter Mike Cotton has moved quickly to back his man.

"We just did [the rally of support for Hubbard] as a one-off support thing. I know there's been fundraisers and all sorts of other  things happening around the country. I think the people of South Canterbury are showing their support in different ways to the Hubbards and long may it continue"

Hubbard Management Funds has about 400 investors, some of which are the same as the 400 in the already frozen Aorangi Securities.