South Canterbury Finance's receivers will seek an interim liquidation order against Vegar Estate Wines if the winery fails in its application to set aside a statutory demand.
Receivers for the failed financier are concerned that Vegar could enter into a sale agreement while the liquidation process is under way. Vegar,
directed by Paul Vegar of Matakana, has several companies in various stages of receivership and liquidation, including Dream B Ay, Goldridge, in receivership, and Vintage 2008 (A) and Vintage 2008 (B), in liquidation.
SCF has filed a statutory demand against Vegar, which is a demand for payment within 15 working days. If this is not paid, and no dispute is raised within that time period, the company demanding the payment (SCF) can ask the court to place the business into liquidation. Vegar has applied to set the demand aside.
In October, the Commonwealth Bank of Australia filed proceedings against SCF to determine who had priority over the development of the collapsed Leefield Vineyards in Marlborough. The development, in receivership, included nine houses, farm buildings and 2165ha.
SCF's investment into Auckland developer Greg Olliver's redevelopment of Leefield was one of the lender's largest exposures.
Last week, SCF's receivers liquidated two companies owned by another Auckland developer, John Williams, in a bid to get its $8.5 million back. SCF through Auckland Finance - which amalgamated in 2008 - loaned Williams money for several property developments around Auckland such as in Paritai Drive and Huka Rd.
Under the Companies Act, SCF is entitled to enforce the rights of Auckland Finance as financier.
Williams' company Huka was the borrower and his other companies Arundel Park, in receivership, and the two companies liquidated yesterday, QC Group and Victoria Three Trustee, and himself were guarantors of the loan.
SCF also funded Arundel Park's development on Paritai Drive - the company holds the rights to the development. Arundel Park was owned by Victoria Three Trustee, now in liquidation. SCF was put into receivership on August 31.
