The sale of the business and related fixed assets returned $515,000.
A further $138,596 was recovered through the sale of other fixed assets at auction.
The liquidators said they made distributions to secured creditors totalling $341,212. This included $310,961 relating to a claim from Heartland Bank.
Preferential employee wages and holiday pay of $37,852 was paid in full. However, a further $19,808, classified as non-preferential claims, was not distributed.
Inland Revenue received just $15,469 out of its $259,048 preferential claim.
Other distributions included liquidators’ fees ($183,665), legal fees, agents’ commission and contractor costs.
Unsecured creditors, who were owed $1,802,583, received nothing, according to the report.
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