Allied Farmers in dispute with asset buyer

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.

NZPA

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

TRU - Results Guidance FY2026
MEE - Me Today announces six-month results to 31 December 2025
HGH - Heartland announces 1H2026 result
BRW - FY26 Half Year Results Announcement
February 25th Morning Report
Genesis completes NZ$100m Placement
MCY - Invests heavily in renewables; delivers strong performance
PFI Announces Interim Results
February 24th Morning Report
THL - FY26 Interim Results: underlying NPAT up 11%, 3cps dividend