{"id":263661,"date":"2026-02-02T08:31:09","date_gmt":"2026-02-02T08:31:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/263661\/"},"modified":"2026-02-02T08:31:09","modified_gmt":"2026-02-02T08:31:09","slug":"te-awanga-estate-winery-group-liquidation-12m-owed-to-100-creditors","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/263661\/","title":{"rendered":"Te Awanga Estate Winery group liquidation: $12m owed to 100+ creditors"},"content":{"rendered":"
According to Nacey and Fisk\u2019s first report, released on Friday, the companies\u2019 shareholders made the decision to appoint liquidators following ongoing cash flow pressure experienced by the companies.<\/p>\n
The cash flow pressure is described as a result of a substantial customer contract not completing, together with challenging industry-wide trading conditions.<\/p>\n
Nacey and Fisk have identified several assets owned by the companies, the largest being land owned by Hawke\u2019s Bay Wine Investments which is leased to Te Awanga Estate, together with an 11.25% shareholding in BLK Vinters.<\/p>\n
The liquidators are undertaking investigations and preliminary steps in relation to the potential realisation of these assets.<\/p>\n
Te Awanga Estate\u2019s vineyard and restaurant have been on the market since October 2024 and were still listed for sale last week.<\/p>\n
The Hawke\u2019s Bay Wine Company holds a small quantity of ingredients which the liquidators seek to realise. <\/p>\n
However, in order to preserve the value of the business more generally, Nacey and Fisk have entered into a licence agreement which allows for the continued operation of the business on a temporary basis.<\/p>\n
Te Awanga Estate and Portside Wines sit outside the licence arrangement and hold stock which the liquidators will also look to realise, including 20,000 cases of wine and 400,000 litres of bulk wine owned by the four entities within the group.<\/p>\n
Nacey and Fisk said the value of the assets is commercially sensitive, and any further details regarding their value hasn\u2019t been reported.<\/p>\n
Debts owed<\/p>\n
Across the four involved companies there are 32 registered security interests at the date of liquidation.<\/p>\n
ANZ Bank has a registered mortgage against Hawke\u2019s Bay Wine Investments property at 376 Parkhill Rd, Te Awanga, as well as registered interests over Te Awanga Estate and Portside Wines.<\/p>\n
Other known secured creditors across the four entities include Lion NZ, PGG Wrightson and Farmlands Finance, along with several wine industry stakeholders.<\/p>\n
Nacey and Fisk identified $4.03m owed to general secured creditors, although the value of ANZ\u2019s registered mortgage has been withheld, likely making this figure larger.<\/p>\n
As for preferential creditors, the Hawke\u2019s Bay Wine Company employed 13 staff as at the date of liquidation, not including the directors.<\/p>\n
Employee letters were sent to everyone affected on January 23, 2026, informing them their employment had been terminated with effect from the appointment of liquidators.<\/p>\n
However, employees were offered new employment under the licence agreement mentioned earlier.<\/p>\n
Employee entitlements outstanding at the date of liquidation comprising accrued leave liabilities totals $46,790.12.<\/p>\n
The largest preferential creditor is the Inland Revenue Department (IRD) for outstanding GST, PAYE and other forms of employee-related deductions.<\/p>\n
Under preferential claims, Hawke\u2019s Bay Wine Investment owes $176,064, the Hawke\u2019s Bay Wine Company owed $934,576, Te Awanga Estate owes $302,040, with a further $1133 owed by Portside Wines.<\/p>\n
In total, IRD is owed $1.4m in preferential claims.<\/p>\n
In terms of unsecured creditors, Nacey and Fisk have to date identified 134 creditors owed about $6.12m across the four entities.<\/p>\n
The IRD has further claims that are unsecured, including Hawke\u2019s Bay Wine Investment which owes $12,662, the Hawke\u2019s Bay Wine Company which owes $413,314, Te Awanga Estate which owes $91,012, and a minor $60 owed by Portside Wines.<\/p>\n
Total unsecured claims by the IRD amount to $517,048, taking the total amount owed to IRD to $1.93m.<\/p>\n
Breaking the $6.12m figure down, Hawke\u2019s Bay Wine Investments owes $585,685 to unsecured creditors, including AIA New Zealand and Avanti Finance.<\/p>\n
The Hawke\u2019s Bay Wine Company owes $2.66m to unsecured creditors, including Genesis Energy, Hawke\u2019s Bay Regional Council and Napier City Council, along with several wine industry stakeholders.<\/p>\n
Te Awanga Estate owes $1.45m to unsecured creditors, including the Accident Compensation Corporation (ACC), Hastings District Council and the New Zealand Transport Agency (NZTA).<\/p>\n
Portside Wines owes unsecured creditors $1.93m, nearly all of which to wine industry stakeholders and adjacent businesses.<\/p>\n
Altogether, the four related entities owe a preliminary total of $12.1m.<\/p>\n
Nacey and Fisk could not estimate the likelihood of distributions to creditors, nor an end date for the liquidation.<\/p>\n
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.<\/p>\n