Failed wine company ‘unlikely’ to repay debts

The receivership of Marlborough’s Isabel Estate Vineyard is drawing to a close, but the wine company still owes more than $4.5 million. The latest six-month receiver’s report, released on September 1, showed around $4 million was paid to secured creditor Bank of New Zealand in the year to July. But a further $4.5m remained unrecovered. Unsecured creditors, who were collectively owed $200,000, were “unlikely” to be repaid, the report said.