Reynolds has identified three secured creditors, including Farmlands Co-operative Society, Prospa and Farmlands Finance, all of which have claims to all present and future acquired personal property.
Although, no numerical amount has been attached as owing for these creditors.
The bulk of the debts owed that have been identified are to the Inland Revenue Department (IRD).
Under a preferential claim, the IRD is owed $689,031 for debts relating to GST and PAYE. Debt to employees are yet to be declared, but are also listed under preferential creditors.
A further $811,611 is owed to the IRD under an unsecured claim, taking the total amount owed to the IRD to $1.5m.
Reynolds could not estimate whether dividends would be paid to creditors, nor…