High debt levels have forced a large Waikato transport firm to go into receivership.
Rangiriri-based Te Kauwhata Transport's sole director, Robbie Pasley, had requested that the firm's bank appoint receivers, said receiver Colin McCloy, of PwC.
The receivership began yesterday, according to the Companies Office website.
McCloy said the company's underlying business was good, but it had been carrying too much debt.