About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, January 17th, 6:05PM
rss
Latest Headlines

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.

« Geneva Finance to write down more loansHeartland faces obstacles to achieve bank status »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
  • Partners Life criticises Vitality
    “bay broker good points but I get the point about premiums increasing when sick. I have Vitality personally and I have qualified...”
    15 hours ago by taka dan
  • Don't hold your breath for life insurance reform
    “That's a good observation from @JPHale there. "2% of sales" has even less meaning when you don't know if it's 2% of premiums...”
    16 hours ago by Denis
  • Partners Life criticises Vitality
    “I've added Vitaltiy to a number of clients' new covers. I have also sold AIA cover without it. As with all advice it is...”
    20 hours ago by BayBroker
  • Don't hold your breath for life insurance reform
    “Having read both the article and the comments I can only agree with what has been said in the comments. Further, I am...”
    20 hours ago by BayBroker
  • David Whyte's 5 predictions for 2020
    “@ number 2: LOL - don't hold your breath. And besides, even if they did do it, if someone needs it they should probably already...”
    2 days ago by All hat no cattle
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com