Allan Crafar, the ex-head of New Zealand's leading dairy operation, has filed a last minute embargo, in order to attempt stopping the sale of his farms, now in receivership.
High Court credentials show that representatives of Plateau Farms Limited (in receivership) filed an urgent provisional embargo in the Auckland Court late yesterday against the receivers, KordaMentha, PGG Wrightson Finance, Rabobank and Westpac.
The trial of the case took place in chambers last night and a request for an injunction will be brought before the courts at 10am tomorrow.
Crafar's lawyer said that he had not received order to give his comments on the case and it would not be apt for him to do so now, since it was before the courts.
The Crafar farms went into receivership in the preceding October, where it still needs to pay more than $200 million to PGG Wrightson and the banks.
Tenders for the properties concluded yesterday, with receivers now looking over the stakes. State owned farmer, Landcorp placed a bid, as did Chinese shareholders, UBNZ.
Landcorp Chief Executive, Chris Kelly said whilst he did not know the reason for the injunction application, he is of the opinion that it would not accepted.
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