Rural investment firm MyFarm is liquidating an Esk Valley orchard fund whose assets were severely damaged in cyclone Gabrielle. MyFarm raised over $3 million from wholesale investors to purchase the 28 hectares to develop into an apple orchard in 2017.
Liquidators from BDO were appointed to the General Partner (essentially the investment manager) on September 6. The limited partnership (made up of the shareholders who own the properties) is yet to be liquidated but it is in the works.
The first liquidator's report on the general partnership said the 28 hectares of land were severely affected by floodwaters and silt after the Esk River burst its banks during Cyclone Gabrielle in February. The properties have been unusable for apple growing, and the limited partnership has been unable to trade for more than six months since.
Source: newsroom.co.nz
