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cedenco foods

The good, the bad and the ugly – NBR's plays of the week

Receivers do a good job

Insolvency practitioner Michael Stiassny of KordaMentha is seen by some as being a bit of a grim reaper, so the fact he used the word “delighted” in a report shouldn’t be taken lightly.

Cedenco Foods sold to Japanese company

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.

Cedenco receivership challenged

The major shareholder of Cedenco Foods claims ANZ National Bank had no justification in putting Cedenco into receivership this week and is seeking legal advice on the matter.