A Feilding dairy farmer with business interests around the North Island, Robert McVitty, has had receivers appointed to two of his companies.
PricewaterhouseCoopers partners Maurice Noone and John Fisk were appointed receivers of McVitty Properties on Thursday, two days after taking the same role for Patoka Dairies.
Noone said bothcompanies appeared to have been over-extended.
"This is a last resort following extensive discussions between the parties, and is as a result of them failing to reach an acceptable position for each."
The receivers would work with key stakeholders to address financial and operational challenges, he said, and there was a preliminary restructuring plan, which would require the receivers to work closely with a bank.
While the restructuring was planned and funding arranged, the companies would continue in business and workers would stay in their jobs.
McVitty Properties is equally owned by Robert Julian McVitty and Margaret Helen McVitty of Feilding, while McVitty holds two-thirds of the shares in Patoka Dairies. The rest are held by Danny Garrity of Napier.
McVitty has previously been outspoken on whether outside investors should be given access to Fonterra shares. He predicted at the height of the capital restructuring debate in 2008: "We won't see a vote on restructuring with farmer loss of control in my lifetime."
Separately, in the same year, he was convicted in the High Court at Palmerston North for obstructing an animal welfare officer after he shot a cow in front of a MAF investigator.
