A $10 million Central Otago winery which was to have been the country's biggest pinot noir producer has gone into receivership after just two years.
Duncan Fea and Alistair King, of WHK Cook Adam Ward Wilson, were appointed receivers to The Central Otago Vintners winery on September 19,
The Southland Times reported.
Mr Fea said the company had defaulted on its loan payments.
He declined to comment on how much the loan was or why the company had failed to pay but said there were a "reasonable" number of creditors still owed money.
Creditors would be prioritised, depending on whether they were secured or unsecured.
Winery director Robin Schulz said the business had been trading well.
"It will possibly be sold, possibly not. We intend the business to be traded and we are developing a strategy for that."
He declined to comment further because "the current environment is not easy for everyone".
Mr Schulz announced the construction of the new winery in Cromwell in April 2006.
By April 2007 stage one had been completed.
It was planned to have the capacity to produce 2500 tonnes after stage three.
- NZPA
