Perpetual Trustee has agreed to a request by Irongate Property to be put , into receivership.
The trustee says the property company run by Kevin Podmore owes $45 million to 1545 investors.
The company had been selling properties and unsuccessfully sought an capital injection to repay bondholders after breaching its trust deed last December.
Irongate asked Perpetual to put the firm into receivership on Tuesday.
Perpetual says Irongate can't repay $45 million worth of bonds due on 15 May, partly due to a weak property market, and receivership is now the best option.
The receivers are David Vance and Barry Jordan of Deloitte, who are also the receivers for St Laurence. A report from them is due within six to eight weeks.