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Niko Kloeten
Niko Kloeten
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Allied Farmers may be liquidated

Monday 4th of March 2013

Allied received its first demand, by an undisclosed creditor, for $540,000 on February 11 and the 15 working day period to pay back the money comes to an end today (Allied has also received a statutory demand for $3.7 million from Inland Revenue).

“The obligation subject of the demand is secured over an Allied Farmers Investments (AFIL) loan asset that is in default,” Allied said today in an NZX announcement.

“ALF/AFIL had intended to use the proceeds of the loan asset to repay the Creditor, but because of the underlying default, has not been able to do so.”

Allied said it was continuing to work with various parties including its secured lender, the government entity Crown Asset Management, on a repayment proposal that will be acceptable to the creditor.

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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
4 hours ago Steve Wright
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Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
6 hours ago Backstage
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