RM Williams farms put under receivership

A PRIVATE carbon farming company run by former News Limited chief Ken Cowley has been placed into receivership.

RM Williams Agricultural Holdings, which owns carbon and cattle stations in Queensland and the Northern Territory, appointed insolvency firm PPB Advisory as administrators last week.

Mr Cowley, the Sydney-based company's chairman, is also the chief shareholder.

The receivership does not affect the well-known RM Williams fashion and boot retailer, which Mr Cowley also owns in partnership with private equity.

"These entities will continue to trade on a business as usual basis," PPB Advisory said in a statement.

PPB Advisory receiver Stephen Parbery said the administrators were "working closely and collaboratively with the board of RM Williams Agricultural Holdings to conduct a review of the business".

RM Williams Agricultural Holdings owns the 516,800 hectare Henbury carbon farm in the Northern Territory.

It also owns the Labelle Downs and Welltree stations in the Northern Territory, and the Mirage Plains and Inglewood Farms properties in Queensland.

RM Williams Agricultural Holdings, formed in May 2009, was named after the late Australian bush entrepreneur Reginald Murray Williams.

Mr Cowley, a former chairman and chief executive of Rupert Murdoch's News Ltd, was a close friend of Mr Williams until his death in 2003.

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