The receivership of failed New Zealand company Herbert Insurance has ended two years after it began, with secured creditor ASB Bank owed $NZ595,000 ($476,725).

ASB, owned by Commonwealth Bank, appointed KordaMentha to the company in March 2011 after Herbert called in liquidators.

The Serious Fraud Office (SFO) has charged the company’s founder, Grant Herbert, with crimes relating to theft and forgery under the Crimes Act and the Secret Commissions Act. He will next face court on April 10.

In their final report, receivers Michael Stiassny and Brendon Gibson say ASB has been paid $NZ270,000 ($216,000), after costs, during the receivership.

Since last September $NZ471,531 ($377,800) has been realised from the sale of business assets, they say.

Aon bought the company’s 4000-strong New Zealand client book and PSC Insurance bought the Australian portfolio.

There are no more assets to be realised and, given the shortfall to the secured creditor, there will be no return to other creditors, including the Inland Revenue and employees, the receivers say.

Herbert also has a liquidator working with insurers on entitlement to funds held in trust accounts.

A former Bunnings NZ commercial property manager is awaiting sentencing after last month pleading guilty to receiving kickbacks of about $NZ142,000 ($133,800) for placing insurance through Herbert.

The fallout from the liquidation also led to legal action between QBE and a former executive.

QBE and Craig Anderson have reached a settlement after the insurer took its former GM corporate and specialist risks to New Zealand’s Employment Court, claiming he breached his employment agreement over extended warranty cover provided by Herbert to Motorplus, which specialises in vehicle insurance.

QBE was claiming a loss of more than $NZ1.5 million ($1.2 million) and seeking compensatory damages and penalties.

Court documents show Mr Anderson denied breaching his employment agreement and claimed he did not commit QBE to the facility. He denied QBE was on risk to underwrite the policy and said no premiums were paid and no closings provided by Herbert.

As part of the case, the SFO allowed lawyers for QBE and Mr Anderson to inspect documents it is holding for its inquiry into Herbert’s failure.