The receivership comes less than a month after director Rob Nichols was quoted saying the company could seek a listing on the NZX as earnings recovered.

An agribusiness lending company is in a High Court battle with the banks over who owns a herd of cows formerly owned by the collapsed Crafar family farming empire.

In October last year Michael Stiassny and Brendon Gibson of KordaMentha were appointed receivers of a number of Allan Crafar companies.

The companies owned 16 farms that are up for sale, with the UBNZ/Natural Dairy bid for the farms awaiting Overseas Investment Office approval.

The receivers of Cedenco Foods have signed an agreement to sell the company to Japanese food and trading group Imanaka.

Michael Stiassny and Brendon Gibson of KordaMentha were appointed as receivers to Cedenco Foods in November last year following concerns over governance and ownership issues.

Cedenco’s products include fruit and vegetable powders, purees, pastes, retorted and frozen vegetables.

The business will be sold as a going concern.