Wellington, March 21 NZPA - New Zealand Rugby Union (NZRU) chairman Jock Hobbs offered to resign this week over the collapse of his former company Strategic Finance.

The offer was made at the NZRU board meeting but was immediately rejected, the Sunday Star Times reported.

Strategic Finance went into receivership on March 12 owing its 13,000 investors about $325 million.

Hobbs was a director at the company and a former chief executive and shareholder.

The former All Black told the newspaper he had been "honour-bound" to make the offer.

"If you don't have the confidence of the board then you should go immediately."

Hobbs also serves as chairman of Rugby New Zealand 2011, the company tasked with managing the World Cup in New Zealand next year, and said he would offer to step down from that role when the board met next month.