AUSTRALIA - Cattle export firm Carpenter International went into voluntary administration recently, leaving thousands of cattle stranded on the way to China, according to media reports.
The company, which hails from West Australia, appointed administrators from Grant Thornton, who are trying to return the stranded cattle to their original owners.
The number of cattle affected was placed at 11,000 by ABC Rural News. Most of the cattle are diary heifers, valued at A$15 million.
Matthew Donnelly, from Grant Thornton, said: "Regulatory issues in China prohibited the customer from fulfilling its obligations under its contract , that is to pay before the cattle were on the boat."
The administrator will try and source other export markets for the cattle involved, but the price will be lower than expected compared to the original contract.
A meeting of creditors of Carpenter International will be held in Melbourne next Tuesday.
TheCattleSite News Desk
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