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Allied Farmers staves off receivership

Allied Farmers has staved off receivership by extending the due date of $7.5 million owed its former finance company from July 1 to March 31 next year.

Friday, June 10th 2011, 4:10PM

by Jenny Ruth

Chairman Garry Bluett told NZX Allied Nationwide Finance's (ANF) receiver agreed to extend the repayment date.

Allied Farmers has also handed over management of its remaining Hanover assets to ANF's receiver which Bluett says has "experience in dealing with finance company assets." The previously announced appointment of lawyer Graham McKenzie as a consultant "on an as required basis" on realising the Hanover assets stands, he says.

Allied Farmers has already defaulted on loans it owes ANF. It bought the Hanover assets, and those of sister company United Finance, in late 2009 when they were valued at $396 million. At December 31 last year, they had been written down to just below $110 million.

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