Creditors of Titan Bulk Haulage — one of the companies owned by beleaguered Otago businessman Malcolm Burns — have been left out of pocket by more than $1 million.
Administration of the liquidation of the Mosgiel trucking company has been completed and the final report this month said $3.33 had been recovered from its bank accounts.
Titan Bulk Haulage was placed into liquidation in the High Court at Dunedin in May last year on the application of Inland Revenue, the cause appearing to be related to a failure to account for taxation.
The liquidator’s final report said Kiwi Asset Finance Ltd appointed a mortgagee to take possession of mortgaged goods and no surplus funds were available for the liquidation.
The director, Mr Burns,…
