A last-minute desertion by its parent, Allied Farmers, has forced finance company Allied Nationwide to fall into receivership, leaving taxpayers to bear the burden of repaying its debentures.The New Zealand finance company has deposits, in the form of debentures, with a face value of NZ$130 million. The New Zealand government guaranteed repayment of these deposits.It took just two weeks for the receivership to be called after the trustee first flagged it was in breach of a key ratio.Disclosure of that breach and the subsequent withdrawal of a prospectus spelt the death knell for the company; any chance of survival was dependent on the support from its parent.Just a few months ago Allied Nationwide reminded investors that, "We continue to benefit from the support of our parent, Allied Farmers, who remains committed to positioning Allied Nationwide as a long-term participant and leader in the New Zealand non-bank finance sector."Allied Farmers had its own problems to deal with, including a NZ$19.3 million rights issue that it was forced to put on hold and which would have given the company the much-needed capital to tackle its own debts and a sharp writedown in the value of the Hanover and United assets that it bought less than a year ago.The latter likely had a direct bearing on Allied Nationwide because the parent, Allied Farmers, was supposed to give some of Hanover and United assets in the form of capital if  Nationwide didn't have the required cash. But after the sharp writedown, and having already borrowed a big sum on the security of those assets, Allied would have barely had any Hanover/United asset left to infuse into its finance subsidiary.The receivership move was announced after the company failed to meet its debenture repayment obligation, and the parent confirmed it had decided not to provide the subsidiary with "significant additional liquidity" that the Trustee required.Allied Farmers blames the withdrawal of the prospectus for the default which in turn was triggered by allegations of a breach of its Trust Deed.The receivership brings into focus the status of Allied Farmers' support to Nationwide that has been already committed because that will determine the final burden that taxpayers would bear. Allied Farmers is responsible for repaying NZ$20.8 million of loans to Allied Nationwide, should the borrowers fail to repay. Also, Allied Farmers has to reimburse Nationwide for losses up to a maximum NZ$10 million for impaired loans put into a special facility. There is also another NZ$3.0 million of commitment.Allied Nationwide is the sixth finance company to be put into receivership and will likely be followed by more before the October 11 guarantee period expires.