A second report by liquidator Grant Thornton said nearly $19.5m was raised from asset sales, farm income, cash on hand and outstanding debts but there are still outstanding claims for more than $16.5m from 254 unsecured creditors.
It paid $10m in costs associated with the liquidation in fees and to secured and preferential creditors along with $3m in farm operating expenses.
Taratahi was put in liquidation before Christmas and since then Grant Thornton has been selling assets to try to pay debts.
The Mangarata Farm was sold in April for $6m, enabling repayment of a $5.9m mortgage but that creditor is still owed a significant amount of money, the report said.
Leasehold interests in farms, surplus stock, plant and equipment have been sold and there has been income from milk receipts and cash on hand at the time of liquidation.
The liquidators have retained the home dairy farm, Telford and Ballentrae leased properties, but surrendered the lease on the Telford campus to the Southland Institute of Technology, which took over the delivery of education in February.
“The Home dairy farm, Telford dairy, beef and sheep farms and the Ballentrae farm all have agreed plans in place to operate throughout the 2019-20 farming years and we anticipate increased production from the dairy farms as they now have a more commercial focus to them.”
