Liquidators are hoping to sell Dunedin founded Green Man Brewery - which owes 52 creditors $330,000 - as a going concern.
The company's 13 shareholders placed it in the hands of liquidators Insolvency Management 10 days ago.
Liquidator Iain Nellies in the his first report said the 52 known creditors were owed $330,416. The value of the company's assets, such as plant, equipment and stock, was still to be determined.
His report said that over the years, the shareholders' injection of share capital had been almost $1.4 million.
Of the 52 creditors, Green Man has seven secured creditors, including the ANZ bank, and owes those seven a total of $159,463.
Three preferential creditors are owed $46,610, and 42 unsecured creditors are owed $124,343. The seven secured creditors have registered security interests on the Personal Property Securities Register.
Mr Nellies said Green Man would continue to operate ''in a limited capacity'', to complete existing orders and sell the remaining stock.
Founded in 2006, Green Man has two employees, and was the country's first certified organic craft beer brewery.
Mr Nellies was seeking expressions of interest to buy Green Man ''as a going concern'', and said two people had called during the weekend.
''It's still early days, and being this time of year won't help,'' he said.
Selling the business would gain ''maximum return'' for creditors, Mr Nellies said, but until all company records were reviewed he could not determine whether a dividend would be paid to creditors.
''The director [Michael Weusten]
attributes the insolvency position of the company to an inability to generate sufficient volumes to make the business viable,'' Mr Nellies said.
