About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
deposit rates

Allied Farmers collects $2.45m from Bridgecorp's receiver

Allied Farmers has been paid $2.45 million from Bridgecorp's receiver as final settlement of a loan made by Hanover which Allied Farmers had completely written off.

Tuesday, 26 July 2011

by Jenny Ruth

The proceeds will go to the receiver of Allied Farmers' former finance company, Allied Nationwide Finance. Allied Farmers owes the finance company $7.5 million. The receiver allowed Allied Farmers to avoid receivership by extending the due date from July 1 to March 31 next year.

Allied Farmers says the loan proceeds had been withheld because of claims against Bridgecorp by the Inland Revenue Department.

Even after the IRD withdrew its claim in May, the funds were held in a solicitors trust account.

Allied Farmers says it is currently receiving updated valuations of the Hanover loans - it bought them 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.

"Whilst the receipt of the Bridgecorp proceeds is pleasing, until the assessment of the value of all assets is completed the board is unable to form a view on the overall impact the receipt of these proceeds will have on the year end financial result," Allied Farmers says.

Commenting is closed

print

Printable version

print

Email to a friend
Newsletter Signup

Weekly Updates including news and commentary

Today's Best Bank Rates
Rabobank 0.75
Based on a $50,000 deposit    More Rates »
Today's Top 5 Deposit Rates
InstitutionRateProduct
NZCU Auckland 1.00 Success Saver
First Credit Union 0.75 Online Savings
Rabobank 0.75 Rabobank PremiumSaver - max rate
Heretaunga Building Society 0.60 On Call
NZCU Baywide 0.60 Success Saver
Based on a $50,000 deposit    More Rates »
Find a Rate
Show me the rates for
$
invested over
Use the full calculator
Cash PIE Rates
Institution Rate 30% 33%
ANZ 0.10 0.10 0.11
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
ASB Bank 0.15 0.16 0.17
BNZ 0.10 0.10 0.10
Heartland Bank 0.40 0.40 0.40
Kiwibank 0.05 - -
Kiwibank 0.25 - -
Nelson Building Society - - -
SBS Bank - - -
TSB Bank 0.25 0.25 0.26
Westpac 0.20 0.21 0.23
Westpac 0.05 0.05 0.05
Westpac 0.25 0.26 0.27

More »

Previous News
Latest Trends
Coming Soon
MORE »

Disclaimer - Every possible effort has been made to keep the information in the tables and on this site as accurate as possible, however, neither the publisher, Tarawera Publishing, nor anyone engaged to compile the rates and this site accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details with providers. The full terms and conditions of this site can be found here.

© Copyright 1997-2021. Tarawera Publishing Ltd. All Rights Reserved.