They appear in the accounts as preferential creditors but whether they will get their wages and salaries remains unknown.<\/p>\n
\u201cOur present view, based on information received to date, is that it is likely that a partial distribution may be available for preferential creditors. <\/p>\n
\u201cHowever recovery actions through insolvent transactions or other remedies may bring in additional funds, although it is still too early to express a view on such matters,\u201d the report said.<\/p>\n
The company operated a transport management business headquartered at Wiri, mainly providing services to the construction industry. <\/p>\n
It listed its activities under the Companies Office as road construction, repair or sealing.<\/p>\n
It could not pay Inland Revenue but for a time, complied with a payment arrangement struck between the parties.<\/p>\n
But it failed to meet its obligations under that arrangement, so Inland Revenue issued a statutory demand. <\/p>\n
Shareholders Jade and Amelia Fonotoe then decided to liquidate the company.<\/p>\n
Absolute Traffic Solutions has been liquidated owing Inland Revenue more than $1 million. Photo \/ Facebook<\/p>\n
It owes $1.58m to preferential creditors who are staff and IRD.<\/p>\n
Assets include vehicles, traffic equipment and signage and plant and equipment. <\/p>\n
\u201cWe intend to sell these assets with the consent of the secured creditors,\u201d Noyce said.<\/p>\n
Selling the company could mitigate losses. <\/p>\n
UDC Finance, Canon New Zealand, Kiwibank and Scottish Pacific Business Finance are listed as creditors with personal security registration.<\/p>\n
Kiwibank is owed $584,795 while the Fonotoe Family Trust is owed $1.068m.<\/p>\n
The company is estimated to have a total deficit of $2.885m.<\/p>\n
Waste Management NZ, Stantec New Zealand, OfficeMax, My Cloud Solutions, Kennards Hire New Zealand, Day Night Traffic, Goudie Holdings, Fortus Safety NZ, J.J Richards & Sons, EC Credit Control (NZ) and Canon are all listed towards the end of the report as creditors. <\/p>\n
No money is likely for unsecured creditors, the report said.<\/p>\n
Absolute Traffic Solutions said it had been running for more than 17 years and had experience in the sector, with scale and skill levels.<\/p>\n
It was 100% New Zealand-owned and specialised in working with local roading authorities and construction companies.<\/p>\n
Worksite protection, equipment hire and emergency response are some of its roles, it said.<\/p>\n
It listed Auckland Airport\u2019s international terminal, the new SkyCity NZ International Convention Centre, Precinct Properties\u2019 Commercial Bay, Shundi Customs\u2019 Seascape 56-level apartment tower near the waterfront, Westfield Newmarket and The Pacifica Tower near Britomart as some of the projects it has worked on. <\/p>\n
\u201cWe made a difference to these projects, keeping the worksite and public safe with our internationally recognised health and safety standard traffic management solutions,\u201d the company said.<\/p>\n