South Canterbury-owned milk processor Klondyke Fresh, which is in receivership, owes more than $1 million to creditors.
The first receivers' report from BDO Christchurch shows Westpac requested the milk processor be put into receivership as it was owed $261,560, as a secured creditor.
The report also shows Fonterra is owed the largest single amount, at $591,673, with Klondyke Fresh sourcing milk from it under the Dairy Restructuring Act.
Alto Packaging is owed $79,138, while unsecured creditors have $68,529 outstanding.
BDO said the Hornby-based business may be sold soon.
Klondyke's main assets were the milk processing plant and equipment, stock on hand and book debts.
BDO has not placed a value on the assets as it may affect its ability to maximise their value.
The company was put into receivership on March 5 and nine days later Klondyke Fresh had to recall its blue, light, trim and fresh cream products after the Ministry of Primary Industries stated they could contain listeria.
Klondyke Fresh is a milk manufacturer as well as a chilled sales and distribution business, with 35 staff and its head office in Hornby.
The company's shareholders and directors include Nigel Gormack, Richie Smith, Graeme Brown and Alister Woodley.
Brown, former South Canterbury Finance chief financial officer, was also Klondyke's managing director.
Smith is a professional director and was one-time chairman of NZ Dairies Ltd, which was bought out by Fonterra.
Gormack is a partner in accounting firm Quantum Advantage, while Woodley owns Woodley's Transport.
- The Timaru Herald
Should your GPS be an official record of your speed?Related story: GPS speed readings not accepted
• Email or call (03) 687 1383
• Website ideas: Email or tweet us
• Book an ad: Email or call (03) 687-1337
• Place a classfied ad: Email
or call (03) 687-1395
• Subscribe: Email
or call (03) 687 1392 or 0800 100 129
• No paper click here
• Stop or start your paper click here
• Buy a photo
• View or sign up for the Digital Edition
• Discover how to use Newspapers in Education
• Make timaruherald.co.nz your homepage
View obituaries from around the region.
View marriage and birth notices from around the region