Receiver’s bill $6m
Kordamentha has claimed another $1 million in fees for being the receivers of the Crafar farms. Its fees for the six months to October take its bill for more than two years of acting as the receivers to more than $6 million.
And accounts in its latest six-monthly report to the Companies Office show legal bills between April and October this year amounted to $446,605, taking its total legal costs to $4.4m.
The Crafar farms, 16 farms together covering about 8000 hectares in the central and southern North Island, including one on Hamilton’s Collins Rd, were put into receivership by the Crafar family’s financiers in October 2009.
The latest report on the four Crafar companies in receivership Plateau Farms, Ferry View Farms, Hillside and Taharua said their bank debt in October was $256m.
Kordamentha’s fees of $1.07m for the latest six months were lower than for October 2010 to April 2011, when they were $1.23m.
Chinese company Shanghai Pengxin has made a conditional offer for the 16 farms.
It is the second Chinese offer. The Government rejected Hong Kong-listed Natural Dairy’s application to the Overseas Investment Office to buy the estate last year because it failed the ‘‘good character’’ test. Pengxin’s offer depends on Overseas Investment Office approval. This company has been waiting nearly eight months for an answer.
Insolvency specialists have said the Crafar receivership was uncommon, so the costs were difficult to compare with those of other big receiverships.