By RNZ

Liquidators have been appointed to investigate the books and affairs of the large dairy farming enterprise Waitonui Group.

The company, which operated three large dairy farms – one in Taupō and two in North Otago – went into receivership in May because it breached its farm debt mediation agreement, and also had significant cash flow issues.

Receivers said its cash flow was hit by on-farm inflation and a lack of farm infrastructure investment affected its productivity.

They said $35 million was owed by the company.