Re­ceiver’s bill $6m

South Waikato News - - RURAL DELIVERY -

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.

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