Receivers were undertaking urgent assessment of Sacred Hill's financial positions. Photo / NZME
Receivers were undertaking urgent assessment of Sacred Hill's financial positions. Photo / NZME
Receivers have been called in at Sacred Hill Vineyards in Hawke's Bay and Marlborough within a week of each other.
Rees Logan and Andrew McKay of BDO, were appointed joint receivers of Hawke's Bay-based Sacred Hill Vineyards Limited on May 6 and Sacred Hill Marlborough Vineyards Limited on May 12.
Logan said the receivers were undertaking urgent assessment of both companies' financial positions to determine the options available going forward.
"[We] will be communicating with all key stakeholders of the businesses forthwith."
David Mason is the sole director of Sacred Hill Vineyards Ltd, based in Hawke's Bay, and owns about 65 per cent of its shares through Sacred Hill Winery Ltd.
David Mason is the sole director of Sacred Hill Vineyards Ltd, based in Hawke's Bay, and owns about 65 per cent of its shares through Sacred Hill Winery Ltd. Photo / NZME
Logan said there were a number of other Sacred Hill entities that were unaffected by the receivership and continued to operate.
It comes a month after Quench Collective, which Sacred Hill Family Vineyards Ltd is the sole shareholder of, was placed into liquidation on April 12.
David Webb, national head of restructuring services and partner at Deloitte, which was appointed as liquidator, said they were in the process of collecting the debtors, dealing with stock and realising the fixed assets of the company.
"Any realisations from these assets will be reported in the Liquidators' next report due in six months after our appointment."
The Liquidators report, dated April 19, stated $3.1 million was still owed to unsecured creditors.
He said they were aware of Sacred Hill Vineyards being placed in receivership.
"At this stage, we do not believe the receivership of Sacred Hills Vineyard will have any impact on the liquidation of Quench."
