Their final liquidators’ report was released at the end of last month.
Preferential, secured and unsecured creditors combined claimed $4,795,715.
The total distributed to creditors was $341,898 – $32,340 to preferential creditors and the rest to secured creditors.
The largest creditor was UDC Finance, which claimed $2.875m as a secured creditor. It recovered $231,533, or 8% of this, as a distribution.
Inland Revenue claimed $718,703 as a secured creditor. It did not recover anything.
Employees claimed $96,593. They received $32,340, or 34%, of this in distributions.
The first liquidator’s report said the director had told liquidators the business failed due to the impact of Covid-19 on workflow, subsequent volatility in the forestry…