A large-scale dairy business that operates three farms in Taupō and North Otago has gone into liquidation.
The Waitonui Group has had Jared Waiata Booth from Auckland-based firm Baker Tilly Staples Rodway appointed as liquidator.
It was placed into receivership on April 15 with Andrew Grenfell and Kare Johnstone of McGrathNicol appointed by Bank of New Zealand as receivers.
The company names of the group are Waitonui Milltrust Agricultural Holdings Limited Partnership, Waitonui Milltrust Agricultural Holdings Farm Management Limited Partnership, Waitonui Milltrust Agricultural Holdings General Partner Limited and Farm Management General Partner Limited.
According to the first receivers report released in June, it owed $35 million.
The report said that in the period prior to receivership, the Waitonui Group’s cashflows were negatively impacted by significant farm cost inflation. A lack of investment in farm infrastructure also adversely affected productivity.
The Waitonui Group went through farm debt mediation in October 2022 and subsequently breached the terms of the resulting mediation agreement.
The breaches of the mediation agreement and other terms of the Waitonui Group’s banking facilities resulted in the company, together with three other entities within the Waitonui Group, being placed into receivership.
The group formerly had United Kingdom asset manager Milltrust International as a major stakeholder.
In a statement, Milltrust International said it had exited from Waitonui Milltrust Agricultural Holdings in November 2021 through the sale of its subsidiary, Milltrust Agricultural Investments (MAI), to Future Planet Capital.
“It is important to note that while Waitonui Milltrust Agricultural Holdings includes and retains the Milltrust name, Milltrust International Group no longer holds any shareholding or management role in Waitonui Milltrust Agricultural Holdings,” it said.
“The management and control of these entities were entirely transferred to new ownership post the 2021 transaction.”
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