25 Feb 2013

$3.7 million demand by IRD from Allied Farmers

12:33 pm on 25 February 2013

Inland Revenue has made a statutory demand of one of Allied Farmers subsidiary companies for outstanding debts of $3.7 million.

The demand requires payment or a compromise within 15 working days, otherwise the revenue department can choose to commence liquidation proceedings.

Allied Farmers Rural says it has been in talks with the department for some time on proposals to repay the debt and believes it will be able to complete a satisfactory plan with the support of its secured lender, Crown Asset Management.