The New Zealand Organic Dairy Farmers Cooperative was placed into receivership late Friday (16 March) after the directors asked the group's major creditor, the Bank of New Zealand, to appoint administrators.

The receivership process will be overseen by Corporate Finance Ltd, who are currently assessing the dairy cooperative's books.

While the company's debt levels have not been released, local newspaper Taranaki Daily News reported that the group's total debt is approximately NZ$15m.