Timaru financier Allan Hubbard has sustained multiple injuries and is in a serious condition in Dunedin Hospital after a collision north of Oamaru.
The man at the centre of the South Canterbury Finance collapse was a passenger in a car driven by his 82-year-old wife Jean.
Their vehicle collided head-on with a ute at about 1pm today about 5km north of Oamaru.
Mr Hubbard, 83, was flown to Dunedin Hospital by helicopter.
His wife was taken by ambulance to Dunedin Hospital suffering from fracture injuries.
Hubbard was facing 50 charges laid by the Serious Fraud Office after he and his wife were placed under statutory management by the government. They were to have appeared in court next week to appeal the move.
The utility vehicle had one occupant, 40-year-old Andrew John Earl of Nelson, who was assessed at Oamaru Hospital and discharged with cuts and abrasions.
A serious crash investigator has completed a scene examination and the investigation is continuing. Police say it could take a number of weeks.
Oamaru Police have already spoken to some witnesses but are still keen to hear from anyone who saw the crash.
State Highway One has been closed since the collision, and is expected to re-open early this evening.