Their final liquidators\u2019 report was released at the end of last month.<\/p>\n
Preferential, secured and unsecured creditors combined claimed $4,795,715.<\/p>\n
The total distributed to creditors was $341,898 \u2013 $32,340 to preferential creditors and the rest to secured creditors.<\/p>\n
The largest creditor was UDC Finance, which claimed $2.875m as a secured creditor. It recovered $231,533, or 8% of this, as a distribution.<\/p>\n
Inland Revenue claimed $718,703 as a secured creditor. It did not recover anything.<\/p>\n
Employees claimed $96,593. They received $32,340, or 34%, of this in distributions.<\/p>\n
The first liquidator\u2019s report said the director had told liquidators the business failed due to the impact of Covid-19 on workflow, subsequent volatility in the forestry industry<\/a>, the loss of commercial contracts and impacts from significant weather events<\/a>.<\/p>\n A list of close to 50 creditors was published with the liquidator\u2019s reports. Local businesses listed as creditors included:<\/p>\n Eastland Oil & Engineering SuppliesBay Trade SuppliesCleancare SuppliesDL Technical Associates Gisborne Hydraulic ServicesRipaki LoggingSPB Logging<\/p>\n Other notable businesses listed as creditors included:<\/p>\n Fletcher SteelHeartland BankWestpacZ EnergyVero<\/p>\n