Insolvency Guardian Media Centre
The premium apple brand’s growers have struggled lately to secure good enough margins as supply chain costs have risen
Premium apple brand Rockit finds itself under pressure to secure better margins for its growers, after one of its producer licensees in New Zealand went into voluntary administration.
As reported locally, Rākete Orchards appointed administrators from accounting firm BDO Auckland on Monday. The firm’s chairman, former Eastpack CEO Tony Hawken, said poor orchard returns had prompted the decision.
“When selling a specialised product at a high price point, a business needs to invest in the market to drive demand ahead of supply,” he said in a statement.
“For the past two seasons, demand hasn’t grown…
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Debt collection complaints are surging: Here’s why AOL.com
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Poor returns for the specialty apple have been partly to blame for the insolvency action.
Poor Rockit apple returns and a lack of shareholder interest have been blamed for MyFarm Investments’ $17.4m apple partnership being placed into voluntary administration.
Rākete Orchards GP Ltd’s directors – Tony Hawken, Grant Rowan and Glenn Teal – appointed BDO’s Rees Logan and George
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The move by the directors of MyFarm’s Rākete Rockit apple orchard to place the operation into voluntary administration marks the second major orchard failure in seven days, coming on the heels of the $41 million Cherri Orchard’s receivership.
MyFarm director and founder Andrew Watters confirmed to Farmers Weekly that the move had taken place.
The decision was initiated by directors who have appointed Rees Logan and George Bannerman of BDO (Auckland) as the administrators.
The Rākete Partnership formed between MyFarm and Rockit Global leased and funded the planting of 55 hectares of Rockit apples across six orchards in three distinct growing areas of Hawke’s Bay.
The total investment…
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51-year-old comic book brand files Chapter 7 bankruptcy, liquidating TheStreet
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When debt piles up, it can start to feel like there’s no way out. After all, credit card minimum payments barely chip away at your balances, the interest charges keep climbing, and if you’re behind on your payments, the subsequent collection calls will add a steady hum of stress to your everyday life. That’s why for many borrowers, the idea of enrolling in a debt relief program, which is a…
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