The Māori Party has announced the resignation of Marama Fox as co-leader of the party.
"We have formally received and accepted Marama’s resignation from the role of co-leader," the party said in a statement released today.
Fox's resignation follows news that the former MP's business, Consultancy Group Tapui, was placed in liquidation last week with debts of over $70,000.
The party says they support her decision to focus on issues related to her business.
"We know that her absolute priority is to repay any outstanding debts, and we believe that is the right and proper course of action for her to take."
Fox was elected to parliament on the party list in 2014 and became co-leader in October of that year, following the retirement of Tariana Turia.
The Māori Party failed to win any seats in parliament in last year's election after their constituents flocked to Labour under Jacinda Ardern's leadership.