The company behind a $1.5 billion plan to build the world’s largest prawn farm on a remote Northern Territory cattle station will be liquidated following a failed appeal in the Federal Court.
In February, the court found Seafarms subsidiary Project Sea Dragon had been insolvent since at least June 2020 with the judge ordering liquidators be appointed to wind up the company.
Construction company Canstruct brought the action against Project Sea Dragon after its $13.9 million contract was terminated in April 2022.
On Friday, the Federal Court dismissed Project Sea Dragon’s appeal against the February judgement and ordered the company to pay Canstruct’s legal costs.
For more than a decade, Seafarms has been working to bring to life the prawn…