The depositors were owed about $130 million, which Forsyth Barr broker Peter Young said was the largest amount by far to be covered by the guarantee scheme.
The total of the collapsed companies which had been covered so far was $60 million, less than half of that owed by ANF.
Looking ahead, he said it could possibly be regarded as a "slight positive" for parent company Allied Farmers, which had been "tossing huge amounts of cash" at its finance arm for a long time.
"This will put ANF on the sidelines and Allied Farmers won't keep bleeding cash."
The next step would be to see if Allied Farmers could resurrect its capital-raising of $19.3 million, which was to repay debt.
The receivership was unlikely to be the catalyst for the share price to rise or fall as the capital-raising was at 2.5c a share, Mr Young said.
Allied Farmers closed last night at 2.6c.
It was a day of drama for the Allied Farmers finance arm, which started with a statement from chairman John Loughlin alerting the market the trustee, New Zealand Guardian Trust, considered ANF to be in breach of its financial ratios and ended with his resignation as chairman of both companies.
Mr Loughlin joined the Allied board in 2004.
Allied Farmers went into a trading halt late afternoon, followed by the announcement Kerryn Downey and Andrew Grenfell, of McGrath Nicol, had been appointed receivers.
Mr Young said Allied Farmers faced a difficult future after earlier revealing another substantial write-down in the value of the assets it bought in December from Hanover Finance and United Finance.
In December, the assets were worth nearly $400 million.
Last week, they were valued at $94.3 million.
Allied managing director Rob Alloway said it was business as usual for Allied Farmers as it continued to work on creating value for shareholders.
The company was in discussions with the underwriter involved in the capital-raising and an announcement would be made when further information was available.
