The liquidator’s report outlined three reasons for Forest Gold Honey’s insolvency.
The first was the company experienced weaker sales than expected. It also struggled to find appropriately trained staff.
Thirdly, the report said one customer had fallen outside credit terms.
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The liquidator’s report shows an estimated shortfall to all creditors of $450,000.
Unsecured creditors are owed $1.1 million.
There are no known preferential creditors, the liquidator said.
Creditors include Inland Revenue, Christian Partners, New Zealand Sugar Co and Mountain Gold Honey.
The company has assets totalling $650,000, including $500,000 under “accounts receivable” and $150,000 in inventory.
The liquidator said the…
