Share
ALF
27/05/2013 14:14
GENERAL
REL: 1414 HRS Allied Farmers Limited
GENERAL: ALF: IRD Liquidation Notice
27 May 2013
IRD Liquidation Notice
On 25 February 2013 Allied Farmers Rural Limited (AFRL)*, a wholly owned
subsidiary of Allied Farmers Limited (ALF), announced that it had received a
statutory demand from the Commissioner of Inland Revenue (IRD) for
outstanding debts totaling $3.7 million.
Since that time AFRL has been in discussions with the IRD on a proposal to
satisfy the amount outstanding to IRD. However, today AFRL was served with a
liquidation notice by the IRD for $4.2 million. It appears that the notice
was filed with the High Court some time ago - 1 May 2013 - without AFRL being
advised or served, which is surprising given that AFRL understands the
statutory demand had expired by that date.
AFRL will be seeking legal advice to clarify the matter, but in the meantime
continues its discussions with IRD, and remains hopeful of achieving a
settlement with the IRD before the hearing which is set down for 23 July
2013.
* Allied Farmers Rural Limited forms part of the Allied Group over which
Crown Asset Management Limited (CAML) has first ranking security, and is
subject of the liquidation notice. 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.
Garry Bluett
Chairman
End CA:00236677 For:ALF Type:GENERAL Time:2013-05-27 14:14:52
