Receiver reports on Mt Rosa

A default in loan repayments to the BNZ bank is behind the receivership of Mt Rosa Estate Ltd in the Gibbston valley, near Queenstown.

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 said.

simon.hartley@odt.co.nz

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