Liquidators are counting up the debts of Christchurch glass and plastic jar supplier Croftpak Ltd as estimates climb to more than $914,000.
Unsecured creditors are unlikely to be repaid as the company is short on funds to cover debts to 39 creditors.
Rodgers Reidy insolvency practitioners Lynda Smart and Derek Ah Sam were appointed liquidators of the company by shareholder Gregory Croft on October 1 and have put out a first report.
The company, formed in 2003, has ceased trading, with the liquidators taking possession of assets to be sold.
Mr Croft, who is the sole director, told them the company struggled because of historic costs from Covid-19 and was unable to recover afterwards.
“All employee contracts were terminated upon the…