Liquidators detailed total assets valued at $22,086 at the time of the first report, with $21,192 in vehicles and $894 in cash at the bank. They could not disclose the book value of stock or plant and equipment.
As for liabilities, preferential and secured creditors are owed an interim total of $828,019.
Of that figure, $348,574 is owed to Inland Revenue, $189,629 is owed to LC Business Loans, and $285,000 is owed to BNZ.
A further $3297 is owed to employees in holiday pay, but the amount owed for employees’ wages is unknown at this stage.
As for unsecured creditors, Inland Revenue is owed a further $16,915, with any penalties or interest not recorded.
Trade creditors are owed the bulk of unsecured claims, totalling $603,669, with $91,490…