In their report, the liquidators said that despite its market position, The Olive Press “was not profitable” and continued trading with the support of loans and shareholder advances.
“The ultimate reason for the liquidations was due to insufficient cash or investment to complete the current season’s harvest.”
According to their report, Inland Revenue is owed an estimated $76,000 in preferential claims.
Around $1.7m is owing in related party loans and a further $993,480 in shareholder advances.
The liquidators said assets comprise 14 grove licences, harvesting machinery, and oil processing equipment.
Last week, Rodney Lingard, director of The Olive Press, said the shutdown did not bode well for the national industry.
“As the…