A Christchurch company running a panel shop repairing motor vehicles has gone under owing just over $600,000 in unpaid staff payments, tax and other bills.
NZ Panel under shareholder and director Warnakulasuriya Dilanka Niroshan Fernando was placed in liquidation on April 3.
The total estimated shortfall is thought to include about $10,000 owed in staff wages and holiday pay, $300,000 in unpaid bills to the Inland Revenue Department (IRD) and $300,000 owed to unsecured creditors.
Insolvency Matters’ insolvency practitioner Brenton Hunt filed the first liquidators’ report on April 8.
The initial report said NZ Panel had gone into insolvency because it had been struggling with working capital for some time.
The company’s core…
