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The failure of a Hawke’s Bay apple empire has left unsecured creditors owed over $30 million, the liquidator’s report reveals.
The first report on the state of Crasborn Fresh Harvest, a subsidiary of apple-growing company Kiwi Crunch – owned by ex-accountant Wade Glass – has confirmed initial losses are likely to be steep, with the IRD also owed $19m.
Kiwi Crunch was also placed in receivership in July.
The liquidators also identified $3.4m owed to secured creditors.
Overall, there is a $15m shortfall between the company’s book value of its assets, valued at $40m, and its debt.
More than 20 secured creditors and 30 unsecured creditors are listed. Unsecured creditors extend to…