The business had a number of assets at the date of liquidation, including $2215 in cash, as well as several fixed/intangible assets, although it was too early to determine the value of these.
Liquidators determined the business had five security interests registered against it and are currently evaluating preferential creditor claims, including unpaid wages and holiday pay.
As of July 22, liquidators have confirmed $84,328 is owed to Inland Revenue for GST payments, with other amounts still to be determined.
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As for unsecured creditors, $648,161 is owed to directors of the business, with trade creditors owed $129,806. A further $225,701 is listed under a shareholder’s current account.
Jones said it was early on in the liquidators’ investigation but a number of parties had indicated interest in the business.
He also said it was too early to understand the reasons behind the business’ failing and what comes next.
The Herald approached Glen Curd for comment.
Director keen to buy
The Herald understands Green, a shareholder and director of New York Bagels, is one of the parties trying to acquire the business and its assets.
The business used to have seven staff but some had been let go.
The bagels were said to be popular with expats from the United States who would visit the company’s factory shop to get a taste of home.
The liquidators’ six-month report will be published in January.
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Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.