Allied Farmers to net $441,137 for receivable as PVL liquidator drops suit against directors

Thu, 22 Mar 2018

By Jonathan Underhill March 23 (BusinessDesk) - Allied Farmers says it will get $441,137 as its share of the net proceeds of a lawsuit taken by the liquidator of Dave Henderson’s Property Ventures Ltd. The Hawera-based rural services firm was a beneficiary of the litigation against PVL after selling various loans to the litigation funders in 2013. The company took on the loans in its ill-fated 2009 acquisition of the Hanover and United finance group's loan book that wasn't worth as much as initially thought. It sold them for $100,000, and...

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