New Zealand

A bid by state-owned Landcorp for 16 dairy farms owned by former Crafar family companies has fallen short leaving a Chinese-backed company in the box seat to purchase the assets, The National Business Review reported. Receivers Michael Stiassny and Brendon Gibson of KordaMentha confirmed today that over 50 offers were submitted on all or parts of the portfolio from a range of buyers. They were pleased with the strength of the offers, however Landcorp was not among the preferred tenders, they said in a brief statement.

A weak High Court bid to block the receiver’s sale of Allan Crafar’s 16 dairy farms will not continue unless Mr Crafar fronts up with $50,000 for security of legal costs, The National Business Review reported. Mr Crafar’s Plateau Farms failed in a High Court bid today to block receivers KordaMentha selling up the debt-ridden dairy empire – which owes back more than $200 million.

North South Finance has joined its parent company Dominion Finance in receivership, following Securities Commission charges against its directors, The National Business Review reported. North South’s trustee Covenant today appointed Grant Graham and Brendon Gibson of KordaMentha as receivers, ending a moratorium agreed by investors in December 2008. The company has to date paid back about $54 million (or 55.5 cents in the dollar) of the $102 million owed to investors. North South’s moratorium proposal was approved by an 83% majority.

Lawyers for the creditors and the receivers they appointed to companies owned by the Crafar family will be in the High Court at Auckland tomorrow morning to fight a bid by the family to delay the sale of the family's farms, the New Zealand Press Association reported. The Crafar family made an 11th-hour application to the High Court at Auckland on Wednesday night in a chambers hearing to temporarily halt the sale of 13 dairy and three-dry-stock farms, covered by the receivership.

The Chinese backed bid to buy up 16 Crafar family farms in receivership has been lodged with the Overseas Investment Office, The New Zealand Herald reported. The move by Chinese-owned Natural Dairy NZ comes only 24 hours after state owned Landcorp threw its hat in the ring. The state-owned enterprise confirmed it would be lodging a bid for the 13 dairy farms and three drystock properties before tomorrow's 4pm deadline. NDNZ chairman Graham Chin said in a statement that he is confident his company's offer will give the best return to creditors.

Receivers have moved in to take control of the company that runs one of Auckland's top hotels, the Westin Lighter Quay, The New Zealand Herald reported. The five star hotel will remain operating as normal and staff will not be affected. There is no change to any forward bookings. Receivers KordaMentha have issued a release saying they have been appointed as receivers for Lighter Quay Management - the company which runs the Westin Hotel complex.

More companies associated with Christchurch property developer Dave Henderson were placed into receivership Friday, TVNZ reported. The companies were Livingspace Properties Ltd, Castle Street Ventures Ltd, Tay Ventures Ltd, RFD Investments Ltd and 92 Lichfield Ltd. The receivers are Tim Downes, Simon Thorn and Dave Ruscoe of Grant Thornton New Zealand. Livingspace Properties operates apartments in Dunedin, Invercargill and Christchurch. The receivers intend to continue to operate the Livingspace businesses and honour bookings.

Christchurch developer Dave Henderson has lost control of Hotel So after South Canterbury Finance (SCF) placed three of his companies into receivership, The Press reported. SCF appointed receivers to Cashel Ventures, Hotel So Operations and Hotel So Corporation, which respectively own and operate Henderson's 283-room hotel on Cashel St. Henderson is the sole director of all three companies, with his flagship company, Property Ventures, owning two and Henderson indirectly owning the third.

The receivership of a major hospitality operator, has made the future of 20 Auckland and Wellington bars uncertain, NZCity reported. Northern Hospitality Management was put into receivership last Friday. The Department of Internal Affairs is investigating the company over gaming machine grants, the flow of funds and its relationship with gaming foundations and trotting clubs. Receiver Gerry Rea says his company is dealing with 10 bars in Auckland 10 in Wellington.

The Chinese businesswoman orchestrating a buy-up of the Crafar dairy empire has made the first of two scheduled appearances in court this week in relation to failed business dealings, The New Zealand Herald reported. May Wang made a brief appearance in the Auckland District Court this morning on charges brought by the Ministry of Economic Development in relation to records of her property and hotel company Dynasty Group, now in liquidation.