A 50-year lease has been granted to Killalea Coastal Investments - a joint venture of Babcock & Brown and Mariner Financial Ltd - to build 202 units, a conference centre, tennis courts, swimming pools and restaurants in three areas.

On Thursday, receivers and managers were appointed to a wholly owned subsidiary of Mariner Financial, Mariner Treasury Ltd.

A Mariner Financial spokesman said yesterday it would not impact on the Killalea resort. "Mariner Treasury Ltd is a separate subsidiary to Mariner Financial and not related in any way to the Killalea development," he said.

He referred the Mercury to a note posted on the Australian Stock Exchange that said Marina Financial would "no longer provide support for Mariner Treasury Ltd", apart from payment of a liability balance of $665,000.

"Marina Financial does not believe there will be any financial impact on the Mariner Financial Group," the note said.

Mariner Financial also owns the EcoPoint Murramarang Resort near Batemans Bay and EcoPoint Myall Shores Resort near Newcastle, also unaffected.

The ASX posting coincides with Killalea resort opponents, the Illawarra Community and Environment Connection, calling on Shellharbour City Council to review its local environment plan in relation to Killalea State Park and designated land use provisions.

ICEC co-ordinator Sonya McKay said she had written to council seeking a review.

"... It appears clear that council intended to protect the park and that a series of events led to the consequential change to provisions dealing with Killalea State Park," Ms McKay said.