6 Mar 2010

Property Ventures placed in receivership

7:14 am on 6 March 2010

Allied Farmers has placed Property Ventures into receivership, in an effort to recover money that it lent to the collapsed Queenstown Five Mile development.

Property Ventures, of which developer Dave Henderson is a director, guaranteed a loan made to Five Mile Holdings.

Five Mile Holdings which is already in receivership, owes Allied Farmers more than $41.5 million.