The receivers of one of Central Otago's pioneering vineyards are hoping to sell the property and assets to offset more than $5 million owed to creditors.
William Hill Winery Ltd was placed in the hands of the receivers, Wanaka accountant Alistair King and Invercargill chartered accountant Peter Heenan, on May 20.
Both work for WHK Cook Adam Ward Wilson of Southland and Central Otago.
William Hill was established in 1973 when founders William Hill and Gillian Blanche Grant planted the first pinot noir vines.
Its first commercial production was in 1987.
Since being placed in receivership, the business has continued to trade, although Mr King and Mr Heenan will not disclose how much money it has made in the past three and a-half months.
An estimated value of land and assets is also being kept under wraps while the property and business is open to tenders, which close on October 30.
When contacted by the Otago Daily Times last week, Mr Heenan said staff continued to be temporarily employed by the receivers while the business was trading.
A first report filed by the receivers stated the majority of debt was owed to secured creditor the Southland Building Society, which moved to have William Hill placed in receivership.
The building society, which has claim to all present and after acquired property, including plant and wine stocks, is owed $4.2 million.
Other secured creditors - Custom Fleet New Zealand, Quadrent Ltd, Ascend Finance Palmerston North, and Amcor Packaging New Zealand Ltd - are collectively owed $339,759.
Preferential creditors are owed a total of $188,241 for holiday pay, wages, GST and New Zealand Customs fees.
An estimated $574,881 is owed to unsecured creditors - all believed to be trade creditors.
William Hill leases a vineyard and winery on Dunstan Rd in Alexandra, which includes a 7.5ha vineyard, 300 tonne winery and associated equipment.
The company also makes wine for clients on contract and owns the necessary equipment and vehicles to manage the vineyard and winery.
Companies which contract to William Hill are not directly affected by the receivership.
The Shaky Bridge Vineyard Cafe and adjoining block of vines, near the Shaky Bridge over the Manuherikia River at Alexandra, are also owned by a separate entity to William Hill and are not affected by the receivership.
