Australia-based Seafarms Group Limited is still awaiting the fate of AUD 1.4 million (USD 980,000, EUR 851,000) in liquidated funds that are being held by a court as it considers a potential asset sale to fund its operations.
Seafarms Group finalized the purchase of the assets of Project Sea Dragon in February 2026 through a subsidiary dubbed Sea Dragon Shrimp. The company first announced the plan in November 2025, and said that it planned to begin the process of permitting and staging development for a new shrimp farm.
The purchase was the latest event in the farm’s tumultuous history, which was originally announced to be a massive land-based prawn aquaculture project with an investment cost of AUD 1.45 billion (USD 1 billion EUR 881 million). However, soon after its inception, the project hit several snags, including a former CEO claiming it couldn’t proceed as planned, the suspension of trading in its securities, a court order forcing the project’s liquidation, and the sale and leaseback of its own shrimp farms.
The project is also facing a new court battle over alleged breaches of Australia’s Corporations Act, and trading in the company was halted again in March 2026 while it finalized an audit. On 10 July, the Australian Stock Exchange said it was now a “long-term suspended entity,” and it now has until 2 March, 2028 to rectify any issues to resume trading.
As those issues persist, the company said it is actively waiting on a determination of ownership of AUD 1.4 million held by the liquidator of the company, and that it is still waiting the results of an August 2025 federal court hearing on the subject.
“While it is expected that the matter will be resolved in favor of the company, if the liquidators are successful then those funds will form the cash assets of PSD [Project Sea Dragon] to be distributed to creditors net of any final costs of the liquidation,” Seafarms Group said.
Seafarms said it is the largest creditor of Project Sea Dragon, and thus should receive the majority of the funds. As it waits on the fate of those funds, the company said it is actively engaged with “several potential funders” to secure project financing, and that it is also exploring several options to fund the operations of the business until such time as Sea Dragon Shrimp “is successfully funded including the sale of certain assets and further borrowing.”
As it continues to work on Project Sea Dragon, the company said it successfully completed a black tiger prawn crop in June with a total volume of 242 metric tons (MT). The harvest was processed as raw frozen product for export, and sales revenue for the quarter reached AUD 1.6 million (USD 1.12 million, EUR 973,000).
