A final report on the insolvent company\u2019s liquidation was released in October.<\/p>\n
\u201cThe cause of the liquidation appears to be linked to a failure to account for taxation, along with a loss of income due to seasonal conditions, specifically flooding,\u201d liquidator Lee Humphreys wrote.<\/p>\n
The summary of claims in that report gives an estimated total claims figure of $1,689,400.08.<\/p>\n
Of that, $237,401.53 was owed to secured creditors, $465,360.07 to preferential creditors and $986,638.48 to unsecured creditors.<\/p>\n
The liquidator recovered $1.79 from the company bank account, which was put towards the Official Assignee\u2019s expenses.<\/p>\n
The liquidator\u2019s time cost was listed as $833.75.<\/p>\n
\u201cIndependent investigations conducted by the liquidator, including searches through various databases and other available avenues, have not identified any assets of interest for creditors in this liquidation.\u201d<\/p>\n
As there were no assets available for distribution to creditors, the Official Assignee concluded the liquidation.<\/p>\n
Company director Izaac Jay Davy has been approached for comment via a listed email address this week.<\/p>\n
Two Gisborne-based companies were listed as unsecured creditors.<\/p>\n
A&P Plant & Machinery was reportedly owed $115,247.32 as of August 18. Colvins Communications was reportedly owed $7285.89.<\/p>\n
The Gisborne Herald approached both companies; representatives declined to comment on the liquidation or the amounts allegedly owed to the businesses.<\/p>\n
IRD said it could not comment on specific taxpayer matters because of confidentiality required under section 18 of the Tax Administration Act 1994.<\/p>\n","protected":false},"excerpt":{"rendered":"A final report on the insolvent company\u2019s liquidation was released in October. \u201cThe cause of the liquidation appears…\n","protected":false},"author":2,"featured_media":305590,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[15140,167143,50493,7818,1656,124,17397,71,12506,78072,167142,10919,1132,11692,111,139,5006,69,2847,26693,26692,2744,8694,213,1361],"class_list":["post-305589","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports","tag-15140","tag-167143","tag-17m","tag-allegedly","tag-company","tag-could","tag-creditors","tag-from","tag-gisborne","tag-gisbornebased","tag-insolvent","tag-logging","tag-million","tag-nearly","tag-new-zealand","tag-newzealand","tag-not","tag-nz","tag-only","tag-owed","tag-owing","tag-pay","tag-recovered","tag-sports","tag-that"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/305589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=305589"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/305589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/305590"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=305589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=305589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=305589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}