The Shareholders Association is questioning the financial nous of the directors of Allied Farmers, after its subsidiary, Allied Nationwide Finance, went into receivership on Friday.
The company owes about $130 million to 4500 investors.
Association chairman John Hawkins says the Allied Farmers board does not have the experience to manage a finance company.
He says the receivership is a reminder to investors they need to check the credentials of company directors when choosing where to put their money.
Allied Farmers says it was unable to keep funding Allied Nationwide Finance after its trustee, Guardian Trust, withdrew the finance company's prospectus two weeks ago.