Yarrows receivership rolls on, Westpac still $15m short

A settlement has been reached over a disputed debt of $1.2 million relating to the Yarrows baking businesses that collapsed in 2011.

But nearly three years after receivers took control of the Taranaki-based trans-Tasman breadmaker, Westpac is still $15 million out of pocket – despite the sale of both the New Zealand and Australian businesses.

Receivers Brian Mayo-Smith and Andrew Bethell of BDO say there are no material assets remaining and they are likely to conclude the receivership during the next six months.

 

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