Restaurant Table 7 in Dunedin has shut its doors. Photo by
Dunedin restaurant Table 7 in Hanover St has closed and
been forced into liquidation in the face of declining
Sole director and shareholder of Table 7 Ltd, Stephen
Richardson, ceased trading on May 17 and he voluntarily
placed the company in liquidators' hands on Thursday last
Insolvency Management liquidator Don Millis said in his first
report, Mr Richardson had cited ''a sustained downturn in
patronage'' as being behind the insolvency.
Mr Millis said total assets and total debts had not yet been
determined and it was not yet known if a dividend would be
available to pay creditors.
Mr Millis understood there were so far seven unsecured
creditors, owed almost $50,000, but it was not yet known how
much was owed to six preferential creditors, including five
staff, or four secured creditors, the latter including the
ANZ bank and local food and beverage suppliers.
He said plant and equipment owned by Table 7, some of which
is subject to security registration interests, was being
valued, and was likely be auctioned on site.