Vlasic and Ah Sam said in their report that on their appointment that Deep Creek’s accounting system indicated that receivables of $540,906 were outstanding, but, “after further investigations, it became apparent that the debtor’s system had not been reconciled and the initial figure was over inflated”.
All up, $878,496 has been realised in the liquidation, with secured creditor ASB getting back $365,000 of the $603,848 it was owed, and the rest going to administration costs, including liquidator fees of $139,559.
The liquidators are still investigating related party current accounts and any potential voidable transactions, but all material assets owned by the business have now been realised.
AdvertisementAdvertise with NZME.
“It…
