Allied Farmers recoups Bridgecorp loan
Allied Farmers Investments, has received $2.45 million in relation to the full and final settlement of a loan made by Hanover to Bridgecorp Limited (in Receivership).
Allied Farmers Investments, has received $2.45 million in relation to the full and final settlement of a loan made by Hanover to Bridgecorp Limited (in Receivership).
These proceeds had been withheld due to claims by the Inland Revenue Department against Bridgecorp, and whilst the dispute was been resolved these proceeds were being held in a solicitors trust account.
Following a lengthy process, in May 2011 judgment was found in favour of Bridgecorp, and the Inland Revenue Department withdrew its claim allowing the funds to be distributed.
The loan had been provisioned at nil by Allied Farmers.
The Board is currently receiving updated valuations on Allied Farmers Investment's loan assets and other assets, and whilst the receipt of the Bridgecorp proceeds is pleasing, until the assessment of the value of all assets is completed, the Board is unable to form a view on the overall impact the receipt of these proceeds will have on the year end financial result.
In accordance with Allied Farmers' loan arrangements, all of these proceeds have been used to reduce Allied Farmer's indebtedness to its secured lender, Allied Nationwide Finance Limited (in Receivership).
NBR staff
Tue, 26 Jul 2011
Tue, 26 Jul 2011
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Allied Farmers recoups Bridgecorp loan
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