Monday 23rd May 2011
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Allied Farmers said Hanover Group Holdings and HF Residual Obligations are no longer pursuing a summary judgment claim but the case will proceed as a normal civil action.
The dispute is about $5 million due to be paid to Hanover and its associated company on June 30.
Summary judgments are made without a full trial and are typically used for claims in certain circumstances, including when the outcome is obvious.
Allied Farmers and Allied Farmers Investments say they will defend the claim vigorously.
Allied Farmers said the claim would now proceed as a normal civil action with a timetable expected to be set later this year.
It said in December that Chapman Tripp, acting for Hanover Finance and related entities, had served legal proceedings on Allied Farmers in relation to the refusal to pay the $5 million on the basis that Hanover committed serious breaches of the agreement assigning its assets to Allied.
Allied Farmers had determined that it was entitled to cancel the contract under which the claimed payment would otherwise have been made. Allied Farmers' position is that no further payment is due.
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