Crafar company in liquidation

The company which ran the Crafar farms has gone into liquidation.

Plateau Farms was put into liquidation by Associate Judge Hannah Sargisson at the request of Inland Revenue, in the Auckland High Court this morning.

The company, headed by Allan Crafar, is already in receivership owing more than $200 million to PGG Wrightson and banks.

The Official Assignee has been appointed liquidator.

Receivers for the properties KordaMentha said they did not expect the liquidation would impact on the receivership process.

Crafar was not available this afternoon, but a family member said the liquidation was news to her.

Hong Kong-listed investment company Natural Dairy (NZ) Holdings' bid to purchase the Crafar properties was knocked back by the government last year because its directors and frontwoman May Wang failed a "good character" test.

A rival bid from Shanghai-based Pengxin International Group has since been tabled and is subject to Overseas Investment Office approval.

The company is expected to lodge its application to purchase the properties next month.

- NZ HERALD ONLINE