Organic Solutions Ltd, which traded as Oamaru Organics, was placed into liquidation in May last year.
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Once approached to appear on Country Calendar and touted as the largest organic market garden in the South Island, it sold vegetables both at a roadside stall at Totara and through the Otago Farmers Market.
It is 53.45% owned by James Porteous, who is also the sole director, as well as Australia-based Lanson International Holdings Pty Ltd (46.55%).
The total estimated shortfall to all creditors was initially estimated at $1.27 million, but the liquidator’s second report, released last week, now estimated this total at $1.85m
That included unsecured creditor claims of about $1m.
A spokesman for Central Foods Freight, who declined to have his name published, said they were owed about $1500.
The Alexandra-based transport company, listed as an unsecured creditor, had carted produce for Oamaru Organics from Oamaru into Queenstown and Cromwell.
They were not optimistic about getting their money back and $1.8m was "a big number".
"When companies fall over, you’re probably in with a slim chance of getting anything out of them."
Oamaru Organics’ Totara property has also been sold to a neighbouring farming family.
Liquidator Brenton Hunt said all secured creditors had been paid, one receiving $114,725, and a preferential creditor was paid $29,522 in staff holiday pay.
Two associated companies also put into liquidation, Southern Organics Ltd and Organic Thai2GO Ltd, each owed an estimated $27,000 and $20,000 respectively.
Attempts to reach Mr Porteous for comment on Friday failed.
In June, he told the Otago Daily Times the farm had "long struggled with chronic overstaffing", which significantly increased its financial burden and led to an accumulation of debt with Inland Revenue Te Tari Taake.
He said he stepped in to directly manage farm operations in August 2024, reducing staff numbers from nine to one and introducing mechanisation.
He said the 23ha farm became compliant with all ongoing tax obligations and began rapidly repaying historic tax arrears.
Per-hectare revenue increased 39% and he proposed a "realistic" repayment plan, which was declined by the IRD.
The company would continue to operate and supply customers to the best of its ability throughout the farm sale process, he said then.
