Wednesday 6th April 2011
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Allied Farmers said the sale of former Hanover receivables did not go through as expected by March 31 and it is now in dispute with the buyer.
The sale agreement was entered into by subsidiary Allied Farmers Investments last September.
The purchaser of the receivable has written to Allied Farmers regarding the payment delay, alleging that Allied Farmers was in default under a $7 million guarantee in respect of repayment of the loan.
Allied Farmers did not accept that it is bound by a guarantee as alleged, and was taking legal advice.
There is no impact on the carrying value of the loan asset.
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