Westpac is rejecting union criticism of its role in the Lane Walker Rudkin receivership.

Closures announced by the company's receivers yesterday mean 186 people have lost their jobs, including 102 in Christchurch and 61 in the Wairarapa. LWR workers have been told there is no money at the moment to cover their holiday pay or any redundancy entitlements.

A union rep at the company's Christchurch factory, where over 100 jobs are going, is asking why Westpac did not spot problems at LWR sooner. The Bank says its actions were not taken lightly, but it had to move quickly once it became aware how the serious company's solvency issues were.

Westpac says someone else will have to be held accountable for the reason the issues were not flagged up earlier.

The Union is also demanding the Prime Minister step up. Mr Watson says John Key should also front up and do something for the workers, after all his talk about saving iconic companies.