A large dairy farming operation has collapsed, owing millions of dollars

Business Desk reports receivers have gone to court to appoint liquidators for Waitonui Group.

Waitonui had been operating two large dairy farms in north Otago - and another near Taupo.

The three farms that have now been sold off -- grazed about five-thousand cattle on more than 20-thousand hectares of land.

BNZ is the largest creditor -- owed 36.5 million dollars at the date of the collapse.