McVitty Properties liquidation winds up leaving BNZ with $2.6M shortfall

Wed, 13 May 2015

By Jonathan Underhill May 14 (BusinessDesk) - 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...

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