Waitonui Group: Liquidators appointed to investigate dairy farming enterprise

Waitonui Group operates three large dairy farms. Photo / RNZ / Rebekah Parsons-King

By RNZ

Liquidators have been appointed to investigate the books and affairs of the large dairy farming enterprise Waitonui Group.

The company, which operated three large dairy farms - one in Taupō and two in North Otago - went into receivership in May because it breached its farm debt mediation agreement, and also had significant cash flow issues.

Receivers said its cash flow was hit by on-farm inflation and a lack of farm infrastructure investment affected its productivity.

They said $35 million was owed by the company.

But liquidator Tony Maginness of firm Baker Tilly Staples Rodway said they won’t know the total amount owed to creditors until their claims were submitted.

Maginness said they were reviewing the asset and creditor position of the companies - and its books, records and affairs were under investigation.

- RNZ