Millions still owed in McVitty collapse

JONO GALUSZKA
Last updated 12:00 08/11/2012

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Companies formerly run by Manawatu farmer Robert McVitty are nearing the end of their receivership, but millions of dollars are still owed to creditors.

Patoka Dairies Ltd and McVitty Properties Ltd were put into receivership about two years ago, owing creditors $83.5 million.

The latest receivers' reports, released yesterday and compiled by Maurice Noone, of PricewaterhouseCoopers, says all of McVitty Properties' properties and cattle have been sold, along with some plant equipment.

"Apart from the residual farming plant and equipment, [McVitty Properties] still has three joint-venture investments that it owns in conjunction with other farming entities.

"[Receivers] continue to work actively with these joint-venture partners in an attempt to realise the company's investment."

Meanwhile, receivers are working to get farms owned by Patoka Dairies ready for sale.

Real estate companies have been brought in to start marketing the farms, with tenders due by November 30.

While work is still being done on the properties, receivers are "happy with the progress achieved to date", the report says.

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- Manawatu Standard

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