Johnstone told the Gisborne Herald the liquidation was not complex.
“The liquidation took longer than initially anticipated due to the softer market for logging equipment and a surplus of equipment across the market.”
She confirmed that the creditors at the date of liquidation claimed a total of $7.1m and close to $3m was paid, including proceeds received outside the liquidation for secured creditors who had repossessed assets.
The Inland Revenue Department claimed $809,044 as a preferential creditor, secured creditors claimed $5,648,095 and unsecured creditors claimed $671,067 for a total claims figure of $7,128,206, according to the final liquidator’s report.
The total value paid to creditors was $2,998,973, with $101,379 going to…