- Release Date: 25/02/13 12:02
- Summary: GENERAL: ALF: IRD Statutory Demand
- Price Sensitive: No
- Download Document 1.9KB
ALF 25/02/2013 10:02 GENERAL REL: 1002 HRS Allied Farmers Limited GENERAL: ALF: IRD Statutory Demand 25 February 2013 IRD Statutory Demand Allied Farmers Rural Limited (AFRL)*, a wholly owned subsidiary of Allied Farmers Limited (ALF), has received a statutory demand from the Commissioner of Inland Revenue (IRD) for outstanding debts totaling $3.7 million. The receipt of the statutory demand is a further enforceable event of default under ALF's secured loan facility. ALF's secured lender, Crown Asset Management Limited (CAML), has indicated that it is continuing to reserve its rights and remedies. The statutory demand requires payment or a compromise within 15 working days, otherwise the IRD can choose to commence liquidation proceedings. AFRL has been in dialogue with the IRD for some time on presenting a proposal to repay the debt. IRD has indicated that any proposal would require CAML approval. AFRL was in the process of discussing a proposal with CAML, and advised IRD on 14 February 2013 that these discussions were ongoing. AFRL is therefore surprised that the statutory demand is dated 14 February 2013 (although not served until now) and AFRL was not given the opportunity to provide the IRD with a CAML supported proposal before this action was taken. AFRL believes that it will be able to complete a proposal for repayment of the debt on terms satisfactory to the IRD and with the support of CAML, given that the continued trading of AFRL would ultimately result in a superior return for both the IRD and CAML. * Allied Farmers Rural Limited forms part of the Allied Group over which CAML has first ranking security, and is subject of the statutory demand. NZ Farmers Livestock Ltd does not form part of this CAML security group, and is therefore not affected by this demand from the IRD or any enforcement action that may be taken by CAML. End CA:00233395 For:ALF Type:GENERAL Time:2013-02-25 10:02:03
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