Friday, July 1, 2022

Taratahi liquidators await decision on land sales

Neal Wallace

The future remains uncertain for the former assets of Taratahi Agricultural Training Centre, which was placed in liquidation in December 2018.

The latest report by liquidator Grant Thornton states the centre’s farms will operate as commercial entities through the 2022-23 farming season while it awaits the outcome of a High Court case heard late last year on whether it can sell campus land.

The Wairarapa Campus and Home Dairy farmland are subject to the Taratahi Agricultural Training Centre (Wairarapa) Act 1969 and require approval from the Minister of Agriculture before it can be sold.

“We continue to work with the Government to a find an acceptable landowner for the purposes of the Taratahi Act and who can provide commercial value for the benefit of all creditors,” the liquidator’s report notes.

“We continue to work with the Government to a find an acceptable landowner for the purposes of the Taratahi Act and who can provide commercial value for the benefit of all creditors.”

Grant Thornton
Liquidators

Short term leases of the Home Campus educational facilities have been approved, which the liquidator says is evidence the campus is fit for purpose and could be used by an education provider.

When appointed liquidator, Grant Thornton revealed 1194 unsecured creditors were owed $15.9m.

To date it has received claims from 247 unsecured creditors totalling $15.2m.

“It is unknown the amount of funds that will be available to make payment to unsecured creditors as it is dependent on the sale of the Home Campus and Dairy farm.”

For the six month period to early February, the assets generated $2.4m in income, mostly from the operation of the commercially focused farms, consisting of $1.8m from milk and $200,000 from sales of trading livestock.

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