John Loughlin has resigned as chairman of Allied Farmers after its finance unit was placed in receivership.
A statement from the company said Loughlin's resignation was accepted "with regret" and he had worked "extremely hard throughout what has been a very difficult period for the company".
Allied Nationwide Finance was put in the hands of Andrew Grenfell and Kerryn Downey of McGrathNicol after a breach of its trust deed. The breach, which Allied disputes, forced the company to withdraw its debenture prospectus and the receivership is "a direct result" of that move, Allied Farmers managing director Rob Alloway said in the statement.
Loughlin had been on the board of Allied Farmers since 2004 and also chaired Allied Nationwide. A replacement would be announced shortly.
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