Allied Farmers collects $2.45m from Bridgecorp's receiver
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
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