A year after its ‘new start’, the Botry-Zen company has been placed in receivership.

A spokesman for the Dunedin-based company has expressed disappointment at developments, telling the Otago Daily Times newspaper  that shareholders had refused for the second time in 15 months to inject new capital into the struggling venture.

Its future and 10 jobs at the company's Dunedin factory are now in the hands of receivers Matt Taylor, of WHK in Dunedin, and Peter Heenan, of WHK in Invercargill.

Company chairman Stephen Higgs told the newspaper that receivership was "the only real option for the company when the capital-raising failed".

Mr Higgs said in an interview he hoped the business could be sold as a going concern.