The first liquidators’ report revealed the company owed about $1.2 million, as at mid-April 2024.
However, a second liquidators’ report was released in December, providing more information about the company’s books and debt.
That report stated the company owed $4,196,508 to creditors (as at mid-October) including over $200,000 to staff.
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That was after distributions had already been made to creditors of $235,008.
The $4.2m owed to creditors includes about $730,000 to preferential creditors (IRD and employees), $580,000 to secured creditors and almost $2.9m to unsecured creditors.
The liquidators’ report stated “we estimate that no funds will be available” to unsecured creditors as part of the…
