A default in loan repayments to the BNZ bank is behind the
receivership of Mt Rosa Estate Ltd in the Gibbston valley,
In the first report the receiver, Deloitte partner Mike
Horne, said Mt Rosa, which owed $1.46 million, was placed in
receivership on June 17 by the BNZ, because ''loan repayments
were in arrears''.
Mt Rosa has about 12ha of a variety of established vines.
While one residential lot has been sold, there are three
properties for sale by tender process, with a fourth listed
for sale at valuation.
The total owing to unsecured creditors was $63,552 and to
preferential creditors $86,851, debts which are still subject
to payment, based on the value once the assets are sold.
''Payment of the preferential creditors will depend on the
value achieved on the sale of the property,'' the receiver