The business had a number of assets at the date of liquidation, including $2215 in cash, as well as several fixed/intangible assets, although it was too early to determine the value of these.
Liquidators determined the business had five security interests registered against it and are currently evaluating preferential creditor claims, including unpaid wages and holiday pay.
As of July 22, liquidators have confirmed $84,328 is owed to Inland Revenue for GST payments, with other amounts still to be determined.
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As for unsecured creditors, $648,161 is owed to directors of the business, with trade creditors owed $129,806. A further $225,701 is listed under a shareholder’s current account.
Jones said it was…