Mt Rosa Estate's liquidation shows total debts have mounted to $1.62 million, although the value of the winery's vineyards, properties and wine stocks in Gibbston is yet to be determined.
Mt Rosa was placed in liquidation on July 3, after an application by Otago Wine Logistics Ltd.
Otago Wine Logistics and the IRD are the two prefer-ential creditors, and owed a total of $90,900, while the BNZ bank is the sole secured creditor, and owed $1.46 million, after Mt Rosa became in arrears of repaying a loan. There are an estimated 10 unsecured creditors owed a further $65,000.
Ian Nellies of Insolvency Management said the total debt of Mt Rosa, and the asset values, were yet to be determined and it was too soon to determine whether the creditors would receive a dividend.
Mt Rosa has about 12ha of a variety of established vines. While one residential lot had been sold, three properties had been put up for sale by tender process, and a fourth listed for sale at valuation.
Mr Nellies expected the liquidation to be completed by July next year.
The winery is on the market as a commercial and/or residential vineyard development, spread over three lots totalling about 21ha, which include 8ha of pinot noir, 2ha of pinot gris and 2ha of sauvignon blanc.
Consents were in place on 3ha of land for a 22-room lodge, 160-seat restaurant and 300sq m retail area and wine storage.
Mt Rosa's sole director was 64% shareholder Stephen Laing, of Queenstown, and John Williams held the remaining 36%.
