Dairying Group in Receivership Owes $36.5 million to Bank of New Zealand

A large dairying group, which went into receivership in April, owes approximately $36.5 million to Bank of New Zealand (BNZ). The group includes three dairy farms located in Taupō and North Otago. Andrew Grenfell and Kare Johnstone were appointed as receivers and managers of the group on April 15, 2024. The companies under receivership include Waitonui Milltrust Agricultural Holdings General Partner, Waitonui Milltrust Agricultural Holdings Partnership, and WMAH Farm Management General Partner. The judgment underscores the significant financial challenges faced by the group, which have led to the appointment of receivers to manage its affairs. The receivership highlights broader issues in the agricultural sector, particularly around debt and financial sustainability.

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