Ruapehu Alpine Lifts (RAL) has appointed voluntary administrators after facing significant financial problems.
RAL released a statement saying the past three years had been difficult dealing with the Covid-19 pandemic, coupled with poor weather this ski season.
It employs about 196 staff across its Whakapapa and Tūroa ski areas in the central North Island.
Whakapapa will continue to operate as planned, weather permitting, through to season close, estimated at 24 October.
The three T bars - Valley, Knoll, and Far West - will be running, along with the Sky Waka gondola for access and sightseeing.
John Fisk and Richard Nacey of PwC have been appointed as the voluntary administrators.
Fisk said the company was "under significant cash flow pressure".
RAL's directors had explored various options but were not able to secure the required level of capital, he said.
"The voluntary administrators will now continue to trade the business while we look to determine the most appropriate way forward to maximise recoveries for creditors."
An initial report on the financial state of the company will be tabled at the first meeting of creditors.