McVitty Properties, one of two failed farm investment companies owned by Manawatu farmers Robert and Margaret McVitty, has completed its liquidation, leaving creditor Bank of New Zealand with a shortfall of about $2.6 million.
McVitty, which invested in dairy, dairy support, sheep and beef farms in the Manawatu and Hawkes Bay, was put into receivership in March 2010 when it was unable to make payments on debts including $43 million owed to BNZ.
Unsecured creditors are owed $151,780, according to the final liquidators' report from Richard Simpson and David Ruscoe of Grant Thornton.
Falling farm prices had further eroded the bank's security and McVitty was also guarantor for a number of related party debts including Patoka Dairies, which was put into receivership the same month, owing BNZ $40.2 million.
The McVittys held about 67 percent of Patoka, which owned six dairy or dairy support farms in Hawkes Bay and which is also in liquidation.