The liquidators estimated the company had assets of about $78,768 in plant and equipment.
In their report, the liquidators said the director advised that the reason for insolvency was difficult trading conditions.
“All employment agreements were terminated upon the appointment of the liquidators,” the report said.
“The liquidators [are] aware of preferential holiday pay claims totalling $567.35. I also believe there to be a claim for unpaid wages and are awaiting details of this claim from the directors/employees.”
The liquidators estimated there would be no funds available for unsecured creditors.
“However, recovery actions through insolvent transactions and actions against certain other parties may bring in additional funds,”…