The boss of grain and hay company GrainPro, which was placed into administration last month says he is "in hell at the moment".
Dr Mario Bonfante said the situation with the company, based in Wagga Wagga, New South Wales, had left him "devastated."
"I am pledging my own personal assets to pay every cent back to farmer creditors," Dr Bonfante said.
"We want to get back to a point where we can resurrect GrainPro."
Dr Bonfante was speaking to the ABC after the first meeting of creditors was held in Wagga.
Drought-stricken farmers are calling for GrainPro to be wound up in a bid to receive some of the $6 million dollars they are owed.
The meeting was told by administrators that GrainPro owed the money to about 250 people.
The ABC has been told this includes 15 growers who are owed $100,000 each.
Administrator Adam Shepard said he would know more about how much creditors would receive in a fortnight after he had established the value of assets and investigated the company's affairs.
A deed of company arrangement will be voted on at a second meeting later this month.
GrainPro is continuing to operate under administration and Dr Bonfante confirmed he does have another company, AgBiz Australia, operating.
"That company was conceptualised back in 2017 … to date it has only done four trades totalling $20,000," he said.
Records from Australian Securities and Investments Commission show that AgBiz Austraila was registered on February 22, 2019.
'Big impact' on farmers
ASIC records also show Dr Bonfante has nine registered businesses, including two registered in July called Australian Grains Council and Australian Grain Industry Association.
Colemabally farmer Greg Kelly, who is owed $42,230 for his maize, said the situation is having a "big impact".
Mr Kelly said he had no idea the company was in financial trouble and only three weeks ago he traded $20,000 worth of maize through them.
"I'm relying on the money to pay bills," Mr Kelly said.
"They would have known it was happening then, it's just robbery really.
"They shouldn't be able to keep trading — my thoughts are if you owe someone a dollar you give them a dollar."
Mr Kelly remains unsure what will happen to his maize contract.
He said the administrator told growers they would be repaid in instalments.
"It's all a bit of rigmarole," Mr Kelly said.
"But as long as I get my money back that's the main thing."
Mr Kelly said Dr Bonfante told creditors that he would sell off family assets and he had been apologetic.
"It was pretty quiet in the room, no one said too much," he said.
'Lucky' to be $23k in the hole
Weethalle farmer Brian Studholme has been dealing with GrainPro and is now $23,000 out of pocket for his milling oats.
"It's grain that could used the grain for sheep feed, bit of a hole in the income," Mr Studholme said.
Despite his significant loss, Mr Studholme considers himself "one of the lucky ones" after hearing some creditors were owed $600,000.
"I'm not hopeful of a good outcome," he said.
"There's no point trading on, they are better to finish up now least get some our money back."
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