This is a no brainer: No! When discussing this issue Bernard Hickey writes:
Receivership would trigger a payout to investors under the government guarantee of around NZ$1.7 billion. Some believe that shock to the government's finances would be enough to trigger a review of New Zealand's sovereign credit rating downgrade by Standard and Poor's and/or Moody's.The message here is that we should not have had the government guarantee in the first place. So let South Canterbury Finance go under and get rid of the government guarantee scheme so that this problem doesn't arise in the future.